Peapack Gladstone Financial Corp Has $27.29 Million Holdings in Bank of America Co. (NYSE:BAC)

Peapack Gladstone Financial Corp trimmed its position in Bank of America Co. (NYSE:BAC) by 0.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 620,972 shares of the financial services provider’s stock after selling 1,896 shares during the period. Peapack Gladstone Financial Corp’s holdings in Bank of America were worth $27,292,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Quadrant Capital Group LLC boosted its stake in shares of Bank of America by 0.7% during the fourth quarter. Quadrant Capital Group LLC now owns 85,298 shares of the financial services provider’s stock valued at $3,749,000 after purchasing an additional 591 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co raised its holdings in Bank of America by 61.9% in the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 971,620 shares of the financial services provider’s stock valued at $42,703,000 after buying an additional 371,500 shares during the last quarter. Rahlfs Capital LLC acquired a new stake in Bank of America during the 4th quarter worth approximately $644,000. Hurley Capital LLC bought a new stake in Bank of America during the 4th quarter worth approximately $73,000. Finally, Payden & Rygel increased its position in Bank of America by 46.8% in the 4th quarter. Payden & Rygel now owns 503,600 shares of the financial services provider’s stock valued at $22,133,000 after acquiring an additional 160,500 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $34.37 on Friday. Bank of America Co. has a 1 year low of $33.67 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32. The firm’s fifty day moving average price is $43.74 and its two-hundred day moving average price is $43.91.

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, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 earnings per share. As a group, analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BAC shares. Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Truist Financial reduced their price objective on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. JPMorgan Chase & Co. decreased their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.31.

Bank of America Company 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.