Pallas Capital Advisors LLC Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

Pallas Capital Advisors LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 0.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 157,736 shares of the financial services provider’s stock after acquiring an additional 781 shares during the period. Pallas Capital Advisors LLC’s holdings in Bank of America were worth $6,932,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Two Sigma Advisers LP boosted its position in shares of Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after buying an additional 10,175,100 shares during the period. 1832 Asset Management L.P. boosted its holdings in Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after acquiring an additional 5,749,567 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its position in Bank of America by 193.4% in the third 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. International Assets Investment Management LLC raised its stake in shares of Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares during the period. Finally, D1 Capital Partners L.P. acquired a new position in shares of Bank of America during the third quarter worth $174,858,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.0 %

NYSE:BAC opened at $45.09 on Tuesday. The firm has a market capitalization of $345.97 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a 50 day moving average of $45.61 and a 200-day moving average of $42.27.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. Analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America’s dividend payout ratio is presently 37.82%.

Analyst Ratings Changes

A number of research firms recently weighed in on BAC. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Oppenheimer lowered their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

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.