PDS Planning Inc Raises Holdings in Bank of America Co. (NYSE:BAC)

PDS Planning Inc increased its holdings in Bank of America Co. (NYSE:BAC) by 6.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 26,263 shares of the financial services provider’s stock after acquiring an additional 1,620 shares during the period. PDS Planning Inc’s holdings in Bank of America were worth $1,154,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in BAC. Swedbank AB grew its position in 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 worth $279,441,000 after acquiring an additional 50,849 shares during the period. Principal Financial Group Inc. boosted its position in shares of Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after buying an additional 569,385 shares during the period. Adero Partners LLC boosted its position in shares of Bank of America by 15.9% during the third quarter. Adero Partners LLC now owns 6,992 shares of the financial services provider’s stock worth $277,000 after buying an additional 961 shares during the period. Aljian Capital Management LLC purchased a new position in shares of Bank of America during the third quarter worth $2,029,000. Finally, Quest Partners LLC purchased a new position in shares of Bank of America during the third quarter worth $1,516,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.4 %

BAC opened at $41.47 on Tuesday. The business’s 50-day simple moving average is $45.11 and its 200-day simple moving average is $43.77. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The stock has a market capitalization of $315.26 billion, a P/E ratio of 12.88, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analyst Ratings Changes

Several research firms have recently commented on BAC. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Piper Sandler reduced their price objective 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. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.64.

Bank of America Company 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.