NCP Inc. Has $1.62 Million Position in Bank of America Co. (NYSE:BAC)

NCP Inc. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 36,926 shares of the financial services provider’s stock after purchasing an additional 1,009 shares during the quarter. Bank of America makes up 0.8% of NCP Inc.’s investment portfolio, making the stock its 16th largest position. NCP Inc.’s holdings in Bank of America were worth $1,623,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of BAC. Swedbank AB lifted its holdings in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after buying an additional 50,849 shares during the last quarter. Orrstown Financial Services Inc. acquired a new stake in Bank of America in the third quarter valued at approximately $389,000. Pallas Capital Advisors LLC increased its stake in shares of Bank of America by 21.1% during the 3rd quarter. Pallas Capital Advisors LLC now owns 156,955 shares of the financial services provider’s stock worth $6,694,000 after purchasing an additional 27,395 shares during the last quarter. Cantor Fitzgerald Investment Advisors L.P. lifted its stake in shares of Bank of America by 0.3% in the 3rd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 100,835 shares of the financial services provider’s stock valued at $4,001,000 after purchasing an additional 330 shares during the last quarter. Finally, abrdn plc boosted its holdings in Bank of America by 2.1% in the third quarter. abrdn plc now owns 6,306,184 shares of the financial services provider’s stock worth $250,261,000 after purchasing an additional 128,255 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the topic of several recent research reports. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Evercore ISI reduced their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating 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 report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

NYSE:BAC opened at $43.97 on Wednesday. Bank of America Co. has a 12-month low of $33.53 and a 12-month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average price of $45.71 and a 200 day moving average price of $43.50. The firm has a market capitalization of $337.35 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.70 earnings per share. Research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.37%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.