Pacific Point Advisors LLC Invests $748,000 in Bank of America Co. (NYSE:BAC)

Pacific Point Advisors LLC acquired a new position in Bank of America Co. (NYSE:BAC) during the 4th quarter, Holdings Channel reports. The firm acquired 16,023 shares of the financial services provider’s stock, valued at approximately $748,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after acquiring an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Norges Bank bought a new stake in Bank of America during the 4th quarter worth approximately $5,226,989,000. Capital World Investors raised its stake in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Finally, Northern Trust Corp raised its position in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BAC. Barclays reduced their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $45.00 to $50.00 in a research report on Friday, March 7th. JPMorgan Chase & Co. cut their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. TD Cowen initiated coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price for the company. Finally, Citigroup cut their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Performance

BAC stock opened at $43.27 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50-day moving average price of $40.31 and a 200 day moving average price of $43.60. The company has a market capitalization of $325.90 billion, a P/E ratio of 13.44, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.40%. Bank of America’s dividend payout ratio is currently 30.95%.

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.