Bank of America Co. (NYSE:BAC) Shares Bought by HB Wealth Management LLC

HB Wealth Management LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 290,470 shares of the financial services provider’s stock after purchasing an additional 10,479 shares during the quarter. HB Wealth Management LLC’s holdings in Bank of America were worth $12,766,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Accent Capital Management LLC lifted its stake in shares of 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 acquiring an additional 11,873 shares in the last quarter. Summit Global Investments lifted its stake 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 acquiring an additional 36,089 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Bank of America by 1.2% in the third 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 in the last quarter. Baker Avenue Asset Management LP lifted its stake in shares of Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after acquiring an additional 33,983 shares in the last quarter. Finally, Copley Financial Group Inc. acquired a new position in shares of Bank of America in the third quarter worth about $550,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

Shares of BAC traded down $0.10 during mid-day trading on Friday, reaching $46.54. The company’s stock had a trading volume of 44,307,437 shares, compared to its average volume of 26,125,426. The business has a fifty day moving average of $45.76 and a 200 day moving average of $42.37. The company has a market cap of $357.13 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. Bank of America Co. has a 1 year low of $31.40 and a 1 year 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 released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 earnings per share. As a group, analysts forecast that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BAC. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Evercore ISI cut their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday. 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 research note on Tuesday, January 7th. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday. Finally, Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $48.58.

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.