WESPAC Advisors LLC Purchases 5,013 Shares of Bank of America Co. (NYSE:BAC)

WESPAC Advisors LLC boosted its position in Bank of America Co. (NYSE:BAC) by 35.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,035 shares of the financial services provider’s stock after purchasing an additional 5,013 shares during the quarter. WESPAC Advisors LLC’s holdings in Bank of America were worth $837,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BAC. Two Sigma Advisers LP boosted its stake in Bank of America by 31,021.6% in 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 purchasing an additional 10,175,100 shares during the period. Swedbank AB raised its holdings in Bank of America by 81.4% in the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after acquiring an additional 5,733,810 shares in the last quarter. KBC Group NV raised its holdings in Bank of America by 130.9% in the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after acquiring an additional 5,493,817 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in Bank of America by 193.4% in the 3rd 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 in the last quarter. Finally, D1 Capital Partners L.P. acquired a new position in Bank of America in the 3rd quarter valued at $174,858,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Truist Financial lifted their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Piper Sandler dropped their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Wells Fargo & Company boosted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

Shares of BAC opened at $44.80 on Friday. Bank of America Co. has a 12-month low of $33.37 and a 12-month high of $48.08. The business has a 50-day simple moving average of $45.75 and a two-hundred day simple moving average of $43.37. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market cap of $343.71 billion, a PE 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 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the company posted $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. Bank of America’s dividend payout ratio (DPR) is presently 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.