Guerra Pan Advisors LLC Sells 1,224 Shares of Bank of America Corporation $BAC

Guerra Pan Advisors LLC reduced its position in Bank of America Corporation (NYSE:BAC) by 16.5% during the second quarter, Holdings Channel.com reports. The firm owned 6,177 shares of the financial services provider’s stock after selling 1,224 shares during the quarter. Guerra Pan Advisors LLC’s holdings in Bank of America were worth $292,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Deutsche Bank AG grew its position in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares in the last quarter. ABN AMRO Bank N.V. purchased a new stake in Bank of America during the second quarter valued at about $202,439,000. Unisphere Establishment grew its position in shares of Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after purchasing an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Bank of America during the second quarter valued at approximately $164,623,000. Finally, Maverick Capital Ltd. purchased a new stake in shares of Bank of America in the first quarter worth $152,098,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.1%

Shares of BAC stock opened at $51.54 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock’s 50 day simple moving average is $51.76 and its two-hundred day simple moving average is $48.38. The company has a market cap of $376.37 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the business posted $0.81 EPS. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. Research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Evercore ISI raised their price target on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Seaport Global Securities boosted their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Dbs Bank raised Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Finally, Truist Financial upped their price objective on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.77.

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.