By otakuyassine3@gmail.com 
Grant GrossMendelsohn LLC reduced its position in Bank of America Co. (NYSE:BAC) by 35.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 18,693 shares of the financial services provider’s stock after selling 10,476 shares during the period. Grant GrossMendelsohn LLC’s holdings in Bank of America were worth $822,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Edgestream Partners L.P. bought a new stake in shares of Bank of America during the second quarter valued at about $257,000. Ieq Capital LLC grew its stake in Bank of America by 17.2% during the second quarter. Ieq Capital LLC now owns 305,830 shares of the financial services provider’s stock valued at $12,163,000 after acquiring an additional 44,821 shares in the last quarter. GM Advisory Group LLC grew its position in shares of Bank of America by 1.3% during the 2nd quarter. GM Advisory Group LLC now owns 35,567 shares of the financial services provider’s stock valued at $1,414,000 after purchasing an additional 446 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Bank of America by 7.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock worth $3,887,000 after buying an additional 6,385 shares in the last quarter. Finally, Callan Capital LLC boosted its stake in Bank of America by 8.1% during the second quarter. Callan Capital LLC now owns 26,871 shares of the financial services provider’s stock valued at $1,069,000 after buying an additional 2,019 shares during the period. Institutional investors own 70.71% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the company. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Piper Sandler lowered their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Wells Fargo & Company lifted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. 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 two have assigned a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.58.
Get Our Latest Stock Analysis on BAC
Bank of America Stock Down 0.2 %
Shares of NYSE BAC opened at $46.54 on Friday. The company has a market cap of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm’s fifty day moving average is $45.76 and its 200 day moving average is $42.37. Bank of America Co. has a 52 week low of $31.40 and a 52 week high of $48.08.
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the firm posted $0.70 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Co. will post 3.24 earnings per share for the current year.
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.
See Also
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