Grimes & Company Inc. Buys 452 Shares of Bank of America Co. (NYSE:BAC)

Grimes & Company Inc. boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 0.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 278,905 shares of the financial services provider’s stock after purchasing an additional 452 shares during the period. Grimes & Company Inc.’s holdings in Bank of America were worth $12,258,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Point72 Hong Kong Ltd bought a new stake in shares of Bank of America in the 2nd quarter valued at about $182,000. Employees Retirement System of Texas raised its stake in shares of Bank of America by 27.3% during the 2nd quarter. Employees Retirement System of Texas now owns 93,145 shares of the financial services provider’s stock worth $3,704,000 after acquiring an additional 19,970 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new position in shares of Bank of America during the 2nd quarter worth approximately $240,000. Daymark Wealth Partners LLC grew its position in Bank of America by 42.7% during the 2nd quarter. Daymark Wealth Partners LLC now owns 50,376 shares of the financial services provider’s stock worth $2,003,000 after purchasing an additional 15,078 shares during the last quarter. Finally, Dark Forest Capital Management LP purchased a new stake in Bank of America during the 2nd quarter worth approximately $693,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $46.48 on Friday. The company’s 50-day moving average price is $45.82 and its 200-day moving average price is $42.61. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $356.60 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.24 and a beta of 1.33. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 15.0% on a year-over-year basis. During the same period last year, the firm posted $0.70 earnings per share. On average, sell-side analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent research reports. HSBC raised shares of 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. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.