Processus Wealth & Capital Management LLC Has $3.37 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Processus Wealth & Capital Management LLC increased its holdings in Bank of America Co. (NYSE:BAC) by 0.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 76,695 shares of the financial services provider’s stock after purchasing an additional 258 shares during the quarter. Bank of America makes up 2.7% of Processus Wealth & Capital Management LLC’s investment portfolio, making the stock its 14th biggest holding. Processus Wealth & Capital Management LLC’s holdings in Bank of America were worth $3,371,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of BAC. Bank of New York Mellon Corp raised its holdings in shares of Bank of America by 4.9% during the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock valued at $2,620,028,000 after purchasing an additional 2,806,927 shares during the period. EdgeRock Capital LLC grew its position in Bank of America by 7.6% in the 4th quarter. EdgeRock Capital LLC now owns 6,169 shares of the financial services provider’s stock worth $271,000 after purchasing an additional 437 shares in the last quarter. BHK Investment Advisors LLC grew its position in Bank of America by 34.1% in the 4th quarter. BHK Investment Advisors LLC now owns 10,180 shares of the financial services provider’s stock worth $447,000 after purchasing an additional 2,590 shares in the last quarter. Brown Financial Advisors grew its position in Bank of America by 3.7% in the 4th quarter. Brown Financial Advisors now owns 31,591 shares of the financial services provider’s stock worth $1,388,000 after purchasing an additional 1,124 shares in the last quarter. Finally, CWS Financial Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $204,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of analyst reports. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Wells Fargo & Company lifted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Evercore ISI lowered their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

Shares of NYSE BAC opened at $44.48 on Tuesday. The business’s 50 day moving average price is $45.73 and its 200 day moving average price is $43.46. The firm has a market cap of $341.25 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52 week low of $33.53 and a 52 week high of $48.08.

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

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. Bank of America’s dividend payout ratio is currently 32.30%.

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.