Pacific Point Advisors LLC Purchases New Position in Bank of America Co. (NYSE:BAC)

Pacific Point Advisors LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 16,023 shares of the financial services provider's stock, valued at approximately $748,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA increased its stake in Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after purchasing an additional 217 shares in the last quarter. Avalon Trust Co increased its position in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after purchasing an additional 219 shares during the last quarter. Prossimo Advisors LLC boosted its stake in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after buying an additional 220 shares during the period. Marino Stram & Associates LLC grew its holdings in shares of Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock valued at $580,000 after purchasing an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management lifted its stake in Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock worth $364,000 after acquiring an additional 223 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.0%

Shares of NYSE BAC opened at $43.27 on Friday. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The firm has a fifty day simple moving average of $40.31 and a two-hundred day simple moving average of $43.60. The firm has a market capitalization of $325.90 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Equities analysts expect 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 announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BAC shares. Cfra Research boosted their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. TD Cowen assumed coverage on shares of Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. Cowen initiated coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Evercore ISI cut their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Finally, Truist Financial lowered their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Company 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.

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