Proficio Capital Partners LLC Increases Holdings in Bank of America Co. (NYSE:BAC)

Proficio Capital Partners LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 10.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,750 shares of the financial services provider’s stock after acquiring an additional 1,533 shares during the quarter. Proficio Capital Partners LLC’s holdings in Bank of America were worth $597,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Fortis Group Advisors LLC acquired a new position in Bank of America in the 3rd quarter valued at $25,000. Livelsberger Financial Advisory acquired a new position in Bank of America in the 4th quarter valued at $28,000. Criterion Capital Advisors LLC acquired a new position in Bank of America in the 4th quarter valued at $32,000. Northwest Investment Counselors LLC acquired a new position in Bank of America in the 1st quarter valued at $33,000. Finally, Mark Sheptoff Financial Planning LLC increased its holdings in shares of Bank of America by 431.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after buying an additional 862 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 2.0 %

NYSE:BAC traded up $0.80 on Tuesday, reaching $41.42. The stock had a trading volume of 34,697,299 shares, compared to its average volume of 38,433,242. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a 50-day moving average of $39.32 and a 200 day moving average of $36.48. The stock has a market cap of $323.92 billion, a P/E ratio of 14.33, a price-to-earnings-growth ratio of 1.54 and a beta of 1.35. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $41.83.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter last year, the company posted $0.94 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.32%. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

A number of analysts have recently commented on BAC shares. HSBC restated a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a report on Tuesday. Wells Fargo & Company upped their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Citigroup upped their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, Evercore ISI upped their price objective on Bank of America from $41.00 to $43.00 and gave the stock an “outperform” rating in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $40.41.

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.