PM CAPITAL Ltd Purchases 55,108 Shares of Bank of America Co. (NYSE:BAC)

PM CAPITAL Ltd grew its position in Bank of America Co. (NYSE:BAC) by 5.5% during the first quarter, Holdings Channel reports. The firm owned 1,054,981 shares of the financial services provider’s stock after acquiring an additional 55,108 shares during the period. Bank of America makes up approximately 8.5% of PM CAPITAL Ltd’s portfolio, making the stock its 7th largest position. PM CAPITAL Ltd’s holdings in Bank of America were worth $43,486,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Veracity Capital LLC increased its holdings in shares of Bank of America by 55.6% in the first quarter. Veracity Capital LLC now owns 16,760 shares of the financial services provider’s stock valued at $691,000 after purchasing an additional 5,988 shares during the period. Keudell Morrison Wealth Management increased its holdings in shares of Bank of America by 1.9% in the first quarter. Keudell Morrison Wealth Management now owns 26,318 shares of the financial services provider’s stock valued at $1,085,000 after purchasing an additional 500 shares during the period. Veery Capital LLC increased its holdings in shares of Bank of America by 5.7% in the first quarter. Veery Capital LLC now owns 6,000 shares of the financial services provider’s stock valued at $247,000 after purchasing an additional 321 shares during the period. Riversedge Advisors LLC grew its holdings in Bank of America by 2.5% during the first quarter. Riversedge Advisors LLC now owns 20,894 shares of the financial services provider’s stock worth $861,000 after acquiring an additional 512 shares during the period. Finally, Key Client Fiduciary Advisors LLC grew its holdings in Bank of America by 6.5% during the first quarter. Key Client Fiduciary Advisors LLC now owns 37,894 shares of the financial services provider’s stock worth $1,562,000 after acquiring an additional 2,318 shares during the period. 70.46% of the stock is currently owned by institutional investors and hedge funds.

BAC stock traded down $1.15 during midday trading on Thursday, hitting $31.45. 946,241 shares of the company’s stock were exchanged, compared to its average volume of 43,987,948. The business has a 50-day simple moving average of $35.77 and a two-hundred day simple moving average of $41.44. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $253.39 billion, a PE ratio of 9.31, a P/E/G ratio of 1.40 and a beta of 1.38. Bank of America Co. has a 1-year low of $30.86 and a 1-year high of $50.11.

Bank of America (NYSE:BACGet Rating) last posted its earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.04. The company had revenue of $23.20 billion during the quarter, compared to analysts’ expectations of $23.09 billion. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.86 earnings per share. As a group, research analysts expect that Bank of America Co. will post 3.34 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Stockholders of record on Friday, June 3rd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.67%. Bank of America’s payout ratio is presently 24.00%.

Several analysts recently commented on the company. Piper Sandler dropped their target price on Bank of America from $57.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, April 5th. The Goldman Sachs Group dropped their target price on Bank of America from $52.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, April 20th. Robert W. Baird raised Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 target price on the stock in a report on Tuesday, March 8th. StockNews.com started coverage on Bank of America in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, BMO Capital Markets lowered their price target on Bank of America from $48.00 to $46.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 19th. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.10.

Bank of America Profile (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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