Pursue Wealth Partners LLC Has $994,000 Position in Bank of America Co. (NYSE:BAC)

Pursue Wealth Partners LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 23.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 29,510 shares of the financial services provider’s stock after purchasing an additional 5,673 shares during the quarter. Pursue Wealth Partners LLC’s holdings in Bank of America were worth $994,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Barclays PLC lifted its stake in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd lifted its stake in shares of Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares during the period. Darsana Capital Partners LP acquired a new position in shares of Bank of America during the third quarter valued at $177,970,000. Canada Pension Plan Investment Board lifted its stake in shares of Bank of America by 143.5% during the third quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after acquiring an additional 6,281,690 shares during the period. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Bank of America during the third quarter valued at $168,610,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BAC shares. Jefferies Financial Group upped their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. HSBC reissued a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Oppenheimer lowered their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. Citigroup raised their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Finally, Evercore ISI raised their price objective on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.08 during mid-day trading on Friday, hitting $37.83. 28,668,680 shares of the stock traded hands, compared to its average volume of 40,953,860. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The company has a market cap of $298.50 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. The firm has a 50 day simple moving average of $36.13 and a two-hundred day simple moving average of $32.76.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the business posted $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

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.