Persistent Asset Partners Ltd Decreases Position in Bank of America Corporation $BAC

Persistent Asset Partners Ltd lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 51.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,091 shares of the financial services provider’s stock after selling 9,687 shares during the period. Persistent Asset Partners Ltd’s holdings in Bank of America were worth $469,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Quaker Wealth Management LLC increased its holdings in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares in the last quarter. Steph & Co. raised its stake in Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 379 shares during the last quarter. Marquette Asset Management LLC purchased a new position in Bank of America in the 3rd quarter valued at $30,000. Collier Financial acquired a new position in Bank of America during the third quarter worth about $30,000. Finally, Mountain Hill Investment Partners Corp. acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $31,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE:BAC opened at $52.75 on Friday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $385.24 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 1.30 and a beta of 1.29. The firm’s fifty day moving average price is $54.33 and its 200 day moving average price is $52.17. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $57.55.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.02. The business had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $27.73 billion. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.82 earnings per share. On average, sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, March 6th. Bank of America’s dividend payout ratio (DPR) is currently 29.24%.

Key Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: BofA will launch a no?fee BofA Rewards program that expands eligibility to over 30 million checking clients, aiming to deepen deposits, card usage and wealth relationships — a clear retail growth and cross?sell initiative. New BofA Rewards™ Program to Reach Millions More Clients with Expanded Benefits
• Positive Sentiment: Regulatory talk about easing capital rules could allow big banks (WFC, BAC, JPM) to regain mortgage market share from non?bank lenders, potentially boosting loan volumes and fee income for BofA. The Zacks Analyst Blog Rocket, PennyMac , Wells Fargo , Bank of America and JPMorgan
• Neutral Sentiment: Bank of America Private Bank has launched an art consulting service to serve wealthy clients — a niche offering that can support loan demand and deepen relationships but is likely immaterial to near?term revenues. BofA offers art consulting to wealthy clients as collectors increase loans demand
• Negative Sentiment: An internal memo shows BofA will commit $25 billion of its own cash to private?credit deals — a move that can lift yield but increases direct credit and liquidity exposure amid signs of stress in parts of the private?credit market. Markets often view large proprietary commitments as a risk to capital stability. BofA commits $25 billion to private-credit deals, memo shows
• Negative Sentiment: Reports that Warren Buffett trimmed Berkshire’s BofA position have fed negative sentiment — large, well?known investors reducing exposure can pressure the stock even if fundamentals remain intact. Warren Buffett Sold 29% of Bank of America and Bought This Consumer Stock for 4 Consecutive Quarters
• Negative Sentiment: Coverage that BofA sharply increased a stake in a struggling crypto stock raises questions about trading/position risk and oversight — a headline that can dent investor confidence. Bank of America hikes stake in sinking crypto stock by 1,668%

Analysts Set New Price Targets

Several research firms have issued reports on BAC. Piper Sandler raised their target price on Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, January 15th. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Wells Fargo & Company boosted their price target on shares of Bank of America from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Argus increased their price target on Bank of America from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. Finally, Oppenheimer upped their target price on shares of Bank of America from $55.00 to $63.00 and gave the stock an “outperform” rating in a research note on Thursday, December 18th. Twenty-two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $60.30.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.