Bank of America Co. (NYSE:BAC) Shares Acquired by Pathstone Holdings LLC

Pathstone Holdings LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.7% in the fourth quarter, HoldingsChannel reports. The fund owned 1,012,885 shares of the financial services provider’s stock after buying an additional 35,875 shares during the period. Pathstone Holdings LLC’s holdings in Bank of America were worth $44,522,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the business. Regent Peak Wealth Advisors LLC lifted its holdings in shares of Bank of America by 10.3% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider’s stock valued at $526,000 after buying an additional 1,116 shares during the period. EWG Elevate Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth $207,000. Trust Co. of Toledo NA OH raised its position in shares of Bank of America by 6.6% during the fourth quarter. Trust Co. of Toledo NA OH now owns 14,160 shares of the financial services provider’s stock worth $622,000 after purchasing an additional 872 shares during the period. Fragasso Financial Advisors Inc raised its position in shares of Bank of America by 6.2% during the fourth quarter. Fragasso Financial Advisors Inc now owns 6,946 shares of the financial services provider’s stock worth $305,000 after purchasing an additional 404 shares during the period. Finally, Elevated Capital Advisors LLC raised its position in shares of Bank of America by 29.7% during the fourth quarter. Elevated Capital Advisors LLC now owns 10,152 shares of the financial services provider’s stock worth $446,000 after purchasing an additional 2,325 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 2.1%

Shares of BAC opened at $44.28 on Wednesday. The firm has a market capitalization of $333.51 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 1.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The business’s fifty day moving average price is $39.77 and its two-hundred day moving average price is $43.51. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. Bank of America’s payout ratio is 30.95%.

Analysts Set New Price Targets

A number of brokerages have commented on BAC. Royal Bank of Canada lowered their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Argus decreased their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Barclays decreased their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Truist Financial decreased their price target 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. Finally, Cfra Research upped their price target on Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.25.

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.