Vestcor Inc Has $12.36 Million Stake in Bank of America Co. (NYSE:BAC)

Vestcor Inc raised its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 58.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 281,131 shares of the financial services provider's stock after purchasing an additional 104,122 shares during the quarter. Vestcor Inc's holdings in Bank of America were worth $12,356,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Collier Financial acquired a new position in Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter worth approximately $29,000. Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock worth $37,000 after purchasing an additional 510 shares in the last quarter. Mascoma Wealth Management LLC lifted its stake in Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 361 shares during the last quarter. Finally, Retirement Wealth Solutions LLC bought a new stake in Bank of America during the fourth quarter worth approximately $42,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE:BAC traded down $0.27 during midday trading on Thursday, reaching $39.64. The stock had a trading volume of 37,737,166 shares, compared to its average volume of 36,062,194. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $301.40 billion, a P/E ratio of 12.31, a PEG ratio of 1.21 and a beta of 1.32. The firm's fifty day simple moving average is $45.27 and its 200-day simple moving average is $43.70.

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Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the company posted $0.70 earnings per share. Bank of America's quarterly revenue was up 15.0% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BAC. Evercore ISI cut their price objective on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research report on Friday, January 17th. Hsbc Global Res raised Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. HSBC raised Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and raised their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Truist Financial upped their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a "buy" rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.64.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.