Pinnacle Financial Partners Inc Buys 1,345 Shares of Bank of America Co. (NYSE:BAC)

Pinnacle Financial Partners Inc boosted its stake 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 SEC. The firm owned 441,079 shares of the financial services provider’s stock after acquiring an additional 1,345 shares during the period. Pinnacle Financial Partners Inc’s holdings in Bank of America were worth $17,715,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Accent Capital Management LLC increased its stake in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares in the last quarter. Summit Global Investments grew its stake in Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares in the last quarter. Geode Capital Management LLC grew its stake in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Clarendon Private LLC purchased a new position in Bank of America in the 4th quarter worth approximately $798,000. Finally, Baker Avenue Asset Management LP grew its stake in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.1 %

Shares of Bank of America stock opened at $44.80 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $343.71 billion, a PE ratio of 13.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.33. Bank of America Co. has a 52-week low of $33.37 and a 52-week high of $48.08. The company has a 50-day simple moving average of $45.75 and a two-hundred day simple moving average of $43.32.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 earnings per share. On average, analysts anticipate that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced 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. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.32%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BAC shares. Morgan Stanley boosted their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Evercore ISI lowered their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target 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.