Bank of America Co. (NYSE:BAC) Shares Purchased by Pacer Advisors Inc.

Pacer Advisors Inc. boosted its stake in Bank of America Co. (NYSE:BAC) by 75.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 876,784 shares of the financial services provider’s stock after acquiring an additional 376,203 shares during the period. Pacer Advisors Inc.’s holdings in Bank of America were worth $38,535,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. waypoint wealth counsel raised its holdings in shares of Bank of America by 11.2% during the fourth quarter. waypoint wealth counsel now owns 7,416 shares of the financial services provider’s stock worth $326,000 after purchasing an additional 747 shares during the period. KBC Group NV raised its holdings in shares of Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after purchasing an additional 5,493,817 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in shares of Bank of America during the fourth quarter worth $2,874,000. Capital Asset Advisory Services LLC raised its holdings in shares of Bank of America by 3.8% during the fourth quarter. Capital Asset Advisory Services LLC now owns 89,705 shares of the financial services provider’s stock worth $4,020,000 after purchasing an additional 3,308 shares during the period. Finally, Drive Wealth Management LLC raised its holdings in shares of Bank of America by 2.6% during the fourth quarter. Drive Wealth Management LLC now owns 19,093 shares of the financial services provider’s stock worth $839,000 after purchasing an additional 476 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on BAC. 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 report on Friday, January 17th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday, October 18th. Morgan Stanley increased their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Finally, Piper Sandler dropped their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Shares of BAC opened at $47.06 on Tuesday. The firm’s 50 day moving average is $45.82 and its 200-day moving average is $42.63. The stock has a market capitalization of $361.10 billion, a P/E ratio of 14.62, a P/E/G ratio of 1.24 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 Co. has a 12-month low of $32.35 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 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 was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 EPS. Equities research analysts anticipate that Bank of America Co. will post 3.67 EPS for the current fiscal year.

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.