Gemmer Asset Management LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Gemmer Asset Management LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 1.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,183 shares of the financial services provider’s stock after acquiring an additional 235 shares during the quarter. Gemmer Asset Management LLC’s holdings in Bank of America were worth $579,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Accent Capital Management LLC boosted 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 valued at $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments lifted its holdings in Bank of America by 237.6% during the 3rd 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 in the last quarter. Geode Capital Management LLC boosted its position in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP boosted its position in Bank of America by 125.8% in 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 buying an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. acquired a new position in shares of Bank of America in the third quarter worth $550,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.54 on Monday. The stock has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The firm’s fifty day simple moving average is $45.79 and its 200-day simple moving average is $42.43. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 12 month low of $31.40 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the company earned $0.70 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Co. will post 3.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BAC. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Piper Sandler decreased 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 research note on Friday. Finally, Truist Financial increased their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday. One 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’s stock. According to MarketBeat.com, the company presently has a consensus 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.