Proficio Capital Partners LLC Has $39.12 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Proficio Capital Partners LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 7,164.3% in the fourth quarter, HoldingsChannel reports. The institutional investor 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 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BAC. Collier Financial acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Life Planning Partners Inc raised its stake in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares in the last quarter. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the 3rd quarter worth about $29,000. Highline Wealth Partners LLC increased its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $42,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 4.7 %

Bank of America stock opened at $46.19 on Friday. The company’s 50 day simple moving average is $45.78 and its 200 day simple moving average is $43.56. Bank of America Co. has a fifty-two week low of $34.03 and a fifty-two week high of $48.08. The firm has a market capitalization of $354.37 billion, a price-to-earnings ratio of 14.34, a PEG ratio of 1.21 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the firm earned $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business 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 dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.25%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. Truist Financial increased their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Oppenheimer increased their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. 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. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Barclays raised 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 report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have issued 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.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.