Pacific Center for Financial Services Raises Stock Holdings in Bank of America Co. (NYSE:BAC)

Pacific Center for Financial Services increased its stake in shares of Bank of America Co. (NYSE:BAC) by 24.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,042 shares of the financial services provider’s stock after purchasing an additional 1,362 shares during the quarter. Pacific Center for Financial Services’ holdings in Bank of America were worth $309,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BAC. Highview Capital Management LLC DE purchased a new stake in Bank of America in the fourth quarter valued at about $286,000. DCM Advisors LLC raised its stake in Bank of America by 7.5% in the fourth quarter. DCM Advisors LLC now owns 200,656 shares of the financial services provider’s stock valued at $8,802,000 after buying an additional 13,945 shares during the last quarter. Monograph Wealth Advisors LLC purchased a new stake in Bank of America in the fourth quarter valued at about $207,000. Novem Group purchased a new stake in Bank of America in the fourth quarter valued at about $339,000. Finally, Castleark Management LLC purchased a new stake in Bank of America in the fourth quarter valued at about $8,495,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 3.3%

Shares of NYSE BAC opened at $43.21 on Thursday. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a fifty day simple moving average of $40.27 and a 200-day simple moving average of $43.59. The stock has a market capitalization of $325.43 billion, a PE ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. Bank of America’s payout ratio is currently 30.95%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BAC. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Evercore ISI reduced their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Truist Financial reduced their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. reduced their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Finally, TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Profile

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.