Bank of America Co. (NYSE:BAC) Shares Bought by Proficio Capital Partners LLC

Proficio Capital Partners LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 7,164.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 890,096 shares of the financial services provider’s stock after acquiring an additional 877,843 shares during the period. Proficio Capital Partners LLC’s holdings in Bank of America were worth $39,120,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Collier Financial acquired a new stake in shares of Bank of America during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc raised its holdings in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the period. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America during the fourth quarter valued at approximately $42,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE BAC opened at $46.19 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a fifty day simple moving average of $45.78 and a 200 day simple moving average of $43.56. The company has a market cap of $354.37 billion, a P/E ratio of 14.34, a P/E/G ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 1 year low of $34.03 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the firm earned $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BAC shares. Truist Financial boosted their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Barclays upped their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Wells Fargo & Company upped their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.