By otakuyassine3@gmail.com 
FARMERS & MERCHANTS TRUST Co OF LONG BEACH decreased its stake in Bank of America Co. (NYSE:BAC) by 18.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 13,548 shares of the financial services provider’s stock after selling 3,000 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Bank of America were worth $595,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Accent Capital Management LLC lifted its stake in Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments raised its holdings in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after buying an additional 36,089 shares during the period. Geode Capital Management LLC lifted its stake in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the last quarter. Baker Avenue Asset Management LP boosted its holdings in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after acquiring an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. purchased a new stake in Bank of America in the third quarter worth $550,000. Institutional investors own 70.71% of the company’s stock.
Bank of America Stock Down 0.2 %
NYSE:BAC opened at $46.54 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $357.13 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. The company’s 50-day simple moving average is $45.76 and its 200-day simple moving average is $42.37. Bank of America Co. has a fifty-two week low of $31.40 and a fifty-two week high of $48.08.
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping 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 business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the company earned $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of brokerages have recently issued reports on BAC. UBS Group raised 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 research note on Tuesday, January 7th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Evercore ISI lowered their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.
Read Our Latest Stock Report on BAC
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.
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