By otakuyassine3@gmail.com 
Pinnacle Bancorp Inc. lowered its position in Bank of America Co. (NYSE:BAC) by 15.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,856 shares of the financial services provider’s stock after selling 8,365 shares during the period. Pinnacle Bancorp Inc.’s holdings in Bank of America were worth $2,059,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. boosted its position in shares of Bank of America by 2.1% during the 4th quarter. Armstrong Advisory Group Inc. now owns 28,278 shares of the financial services provider’s stock worth $1,243,000 after purchasing an additional 573 shares in the last quarter. Apella Capital LLC lifted its stake in shares of Bank of America by 4.3% in the fourth quarter. Apella Capital LLC now owns 11,333 shares of the financial services provider’s stock valued at $498,000 after purchasing an additional 463 shares during the period. Founders Grove Wealth Partners LLC purchased a new stake in Bank of America during the fourth quarter worth about $218,000. Park Avenue Securities LLC grew its position in Bank of America by 21.2% during the fourth quarter. Park Avenue Securities LLC now owns 156,256 shares of the financial services provider’s stock worth $6,867,000 after buying an additional 27,383 shares during the period. Finally, Kathmere Capital Management LLC increased its holdings in Bank of America by 9.7% in the fourth quarter. Kathmere Capital Management LLC now owns 33,815 shares of the financial services provider’s stock valued at $1,486,000 after buying an additional 2,978 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.
Analysts Set New Price Targets
Several research firms recently weighed in on BAC. Piper Sandler raised their price objective on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. Barclays raised their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Oppenheimer cut their target price on shares of 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. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.50.
Check Out Our Latest Stock Report on BAC
Bank of America Stock Performance
Shares of BAC opened at $47.23 on Thursday. The firm has a market cap of $362.39 billion, a price-to-earnings ratio of 17.17, 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 business’s 50 day moving average is $45.69 and its two-hundred day moving average is $42.31. Bank of America Co. has a 52-week low of $31.27 and a 52-week high of $48.08.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the company posted $0.90 earnings per share. Analysts forecast that Bank of America Co. will post 3.24 EPS for the current fiscal year.
About Bank of America
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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