Bank of America Co. (NYSE:BAC) Shares Bought by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 157,736 shares of the financial services provider’s stock after purchasing an additional 781 shares during the period. Pallas Capital Advisors LLC’s holdings in Bank of America were worth $6,932,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Two Sigma Advisers LP increased its stake in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after buying an additional 10,175,100 shares during the period. 1832 Asset Management L.P. increased its stake in shares of Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after acquiring an additional 5,749,567 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after acquiring an additional 5,015,378 shares during the period. International Assets Investment Management LLC lifted its position in Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares during the period. Finally, D1 Capital Partners L.P. bought a new position in Bank of America during the 3rd quarter valued at $174,858,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $48.00 to $55.00 in a report on Monday, December 9th. Barclays lifted their price objective 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. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. Finally, Citigroup raised 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Performance

Shares of BAC opened at $45.09 on Tuesday. The company has a market capitalization of $345.97 billion, a PE ratio of 16.40, a PEG ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company’s 50 day moving average price is $45.61 and its 200 day moving average price is $42.27. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 earnings per share. Research analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.31%. The ex-dividend date was Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

About Bank of America

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.