Pinnacle Financial Partners Inc Acquires 1,345 Shares of Bank of America Co. (NYSE:BAC)

Pinnacle Financial Partners Inc boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 441,079 shares of the financial services provider’s stock after buying an additional 1,345 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Bank of America were worth $17,715,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Collier Financial bought a new position in shares of Bank of America in the fourth quarter worth approximately $25,000. Kennebec Savings Bank bought a new position in shares of Bank of America in the third quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% in the fourth 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 during the period. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $42,000. Finally, POM Investment Strategies LLC boosted its position in shares of Bank of America by 1,306.5% during the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,006 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Wells Fargo & Company upped their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Down 1.1 %

Shares of Bank of America stock opened at $44.80 on Friday. 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 1 year low of $33.37 and a 1 year high of $48.08. The firm’s 50-day moving average is $45.75 and its two-hundred day moving average is $43.32. The stock has a market cap of $343.71 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $25.12 billion. During the same period last year, the business earned $0.70 EPS. The company’s revenue was up 15.0% compared to the same quarter last year. As a group, research analysts expect that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

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.