Bank of America Co. (NYSE:BAC) Holdings Lifted by Park Avenue Securities LLC

Park Avenue Securities LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 21.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 156,256 shares of the financial services provider’s stock after purchasing an additional 27,383 shares during the quarter. Park Avenue Securities LLC’s holdings in Bank of America were worth $6,867,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Traveka Wealth LLC raised its stake in Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 226 shares in the last quarter. Longfellow Investment Management Co. LLC increased its holdings in shares of Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the period. Beacon Investment Advisory Services Inc. raised its stake in shares of Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after purchasing an additional 231 shares in the last quarter. Integrity Financial Corp WA lifted its holdings in Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares during the period. Finally, Cahill Financial Advisors Inc. grew its position in Bank of America by 2.1% in the 3rd quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after buying an additional 249 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Morgan Stanley lowered shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Truist Financial initiated coverage on Bank of America in a research note on Tuesday, January 7th. They set a “buy” rating and a $52.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Price Performance

Shares of NYSE:BAC opened at $47.23 on Thursday. The company’s fifty day moving average is $45.69 and its two-hundred day moving average is $42.31. The company has a market cap of $362.39 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 12-month low of $31.27 and a 12-month high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America 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.