Pinnacle Financial Partners Inc Buys 6,599 Shares of Bank of America Corporation (NYSE:BAC)

Pinnacle Financial Partners Inc raised its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 1.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 447,678 shares of the financial services provider's stock after purchasing an additional 6,599 shares during the quarter. Pinnacle Financial Partners Inc's holdings in Bank of America were worth $19,565,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Avalon Trust Co grew its holdings in Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after buying an additional 219 shares in the last quarter. TAGStone Capital Inc. grew its holdings in Bank of America by 1.2% during the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after buying an additional 227 shares in the last quarter. Hayek Kallen Investment Management grew its holdings in Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after buying an additional 233 shares in the last quarter. Continuum Advisory LLC grew its holdings in Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after buying an additional 237 shares in the last quarter. Finally, Menard Financial Group LLC grew its holdings in Bank of America by 1.2% during the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after buying an additional 240 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BAC. Piper Sandler reduced their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Citigroup boosted their price objective on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Morgan Stanley lifted their target price on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Keefe, Bruyette & Woods dropped their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, Cfra Research lifted their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and a consensus target price of $48.28.

Bank of America Trading Up 0.5%

BAC traded up $0.23 during trading hours on Friday, reaching $48.94. 21,620,278 shares of the company's stock traded hands, compared to its average volume of 40,113,109. The firm has a 50-day moving average price of $44.10 and a 200 day moving average price of $43.42. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $368.61 billion, a PE ratio of 14.57, a PEG ratio of 1.33 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

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.