Bank of America Co. (NYSE:BAC) Shares Sold by New Century Financial Group LLC

New Century Financial Group LLC lowered its position in Bank of America Co. (NYSE:BAC) by 9.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,210 shares of the financial services provider’s stock after selling 1,237 shares during the quarter. New Century Financial Group LLC’s holdings in Bank of America were worth $502,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Fred Alger Management LLC lifted its position in Bank of America by 4.8% during the second quarter. Fred Alger Management LLC now owns 187,002 shares of the financial services provider’s stock valued at $7,437,000 after buying an additional 8,570 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Bank of America during the 2nd quarter valued at $182,000. AQR Capital Management LLC boosted its position in Bank of America by 26.8% during the 2nd quarter. AQR Capital Management LLC now owns 6,979,594 shares of the financial services provider’s stock worth $276,252,000 after purchasing an additional 1,473,322 shares during the period. Employees Retirement System of Texas increased its holdings in Bank of America by 27.3% in the 2nd quarter. Employees Retirement System of Texas now owns 93,145 shares of the financial services provider’s stock valued at $3,704,000 after purchasing an additional 19,970 shares in the last quarter. Finally, Drucker Wealth 3.0 LLC acquired a new stake in Bank of America in the 2nd quarter valued at $594,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $46.41 on Friday. The company has a market cap of $356.13 billion, a PE ratio of 14.41, a P/E/G ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The company has a fifty day moving average price of $45.81 and a two-hundred day moving average price of $42.55. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.70 EPS. Research analysts expect that Bank of America Co. will post 3.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Piper Sandler lowered their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Finally, Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.58.

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.