Bank of America Co. (NYSE:BAC) Shares Acquired by Pacific Wealth Strategies Group Inc.

Pacific Wealth Strategies Group Inc. increased its stake in shares of Bank of America Co. (NYSE:BAC) by 2.0% during the 4th quarter, Holdings Channel reports. The fund owned 21,287 shares of the financial services provider’s stock after purchasing an additional 417 shares during the quarter. Pacific Wealth Strategies Group Inc.’s holdings in Bank of America were worth $717,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of BAC. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America during the third quarter worth about $25,000. Glass Jacobson Investment Advisors llc raised its holdings in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the period. Criterion Capital Advisors LLC acquired a new stake in Bank of America during the fourth quarter worth about $32,000. ZRC Wealth Management LLC grew its position in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Private Ocean LLC lifted its position in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the topic of a number of research reports. Keefe, Bruyette & Woods increased their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. BMO Capital Markets lifted their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Citigroup raised their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Finally, Evercore ISI boosted their price objective on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $38.53.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.04 during trading on Wednesday, hitting $38.33. The company had a trading volume of 8,184,765 shares, compared to its average volume of 41,343,398. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.50. The firm has a market capitalization of $302.45 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 1.70 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a fifty day simple moving average of $35.88 and a two-hundred day simple moving average of $32.57.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the previous year, the firm earned $0.94 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. On average, research analysts expect that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.50%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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.