Processus Wealth & Capital Management LLC Increases Holdings in Bank of America Co. (NYSE:BAC)

Processus Wealth & Capital Management LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 0.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 76,695 shares of the financial services provider’s stock after purchasing an additional 258 shares during the quarter. Bank of America comprises about 2.7% of Processus Wealth & Capital Management LLC’s holdings, making the stock its 14th largest position. Processus Wealth & Capital Management LLC’s holdings in Bank of America were worth $3,371,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Swedbank AB grew its holdings in shares of Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after purchasing an additional 50,849 shares in the last quarter. First Financial Bankshares Inc increased its holdings in shares of Bank of America by 0.7% in the 3rd quarter. First Financial Bankshares Inc now owns 1,205,017 shares of the financial services provider’s stock valued at $47,815,000 after acquiring an additional 8,734 shares during the last quarter. Cavalier Investments LLC increased its stake in Bank of America by 6.4% in the third quarter. Cavalier Investments LLC now owns 17,319 shares of the financial services provider’s stock valued at $687,000 after purchasing an additional 1,035 shares during the last quarter. First American Bank raised its stake in Bank of America by 1.2% during the 3rd quarter. First American Bank now owns 199,190 shares of the financial services provider’s stock worth $7,904,000 after acquiring an additional 2,366 shares in the last quarter. Finally, Leuthold Group LLC lifted its holdings in shares of Bank of America by 16.4% in the 3rd quarter. Leuthold Group LLC now owns 175,850 shares of the financial services provider’s stock valued at $6,978,000 after purchasing an additional 24,804 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the subject of several recent research reports. Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. Piper Sandler decreased their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Truist Financial increased their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Performance

NYSE BAC opened at $44.48 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $341.25 billion, a price-to-earnings ratio of 13.81, a P/E/G ratio of 1.21 and a beta of 1.33. The company’s fifty day moving average is $45.73 and its two-hundred day moving average is $43.46. 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 posted its quarterly 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 company had revenue of $25.30 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the business posted $0.70 EPS. Equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.34%. The ex-dividend date is Friday, March 7th. 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.