Pacific Center for Financial Services Buys 786 Shares of Bank of America Co. (NYSE:BAC)

Pacific Center for Financial Services increased its stake in shares of Bank of America Co. (NYSE:BAC) by 16.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,680 shares of the financial services provider’s stock after purchasing an additional 786 shares during the quarter. Pacific Center for Financial Services’ holdings in Bank of America were worth $225,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fairway Wealth LLC bought a new position in Bank of America in the 2nd quarter valued at $27,000. POM Investment Strategies LLC lifted its stake in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the period. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter valued at $29,000. Bbjs Financial Advisors LLC bought a new position in Bank of America in the second quarter valued at about $30,000. Finally, Christopher J. Hasenberg Inc increased its position in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of the transaction, the insider now directly owns 861,175,131 shares in the company, valued at $34,076,699,933.67. This represents a 0.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders have sold 56,945,263 shares of company stock valued at $2,300,620,438. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of BAC opened at $46.75 on Friday. The firm has a market cap of $358.71 billion, a P/E ratio of 17.00, a PEG ratio of 1.57 and a beta of 1.33. Bank of America Co. has a twelve month low of $30.45 and a twelve month high of $48.08. 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 firm’s 50 day moving average price is $43.75 and its two-hundred day moving average price is $41.27.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS 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 analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the business posted $0.90 earnings per share. On average, analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America’s payout ratio is presently 37.82%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BAC shares. Evercore ISI upped their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Piper Sandler increased their price objective on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Oppenheimer lifted their target price on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley raised their price target on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $45.57.

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.