Mission Wealth Management LP boosted its holdings in Bank of America Corp (NYSE:BAC) by 6.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,902 shares of the financial services provider’s stock after purchasing an additional 1,480 shares during the quarter. Mission Wealth Management LP’s holdings in Bank of America were worth $912,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Garrett Wealth Advisory Group LLC bought a new stake in shares of Bank of America during the 3rd quarter worth approximately $25,000. Larson Financial Group LLC lifted its position in Bank of America by 195.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 880 shares in the last quarter. Corbenic Partners LLC bought a new stake in Bank of America during the 4th quarter worth approximately $39,000. Salomon & Ludwin LLC increased its holdings in Bank of America by 120.6% during the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 814 shares in the last quarter. Finally, Selective Wealth Management Inc. purchased a new stake in shares of Bank of America in the third quarter worth approximately $43,000. 69.21% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on BAC. Argus restated a “buy” rating and issued a $39.00 target price (up previously from $35.00) on shares of Bank of America in a report on Wednesday, January 15th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $33.00 price target (up previously from $30.00) on shares of Bank of America in a report on Monday, November 4th. Citigroup upped their price objective on Bank of America from $29.00 to $37.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. DA Davidson initiated coverage on Bank of America in a research note on Wednesday, January 8th. They set a “neutral” rating and a $36.00 price target for the company. Finally, Atlantic Securities downgraded shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $35.29.
Shares of NYSE BAC opened at $34.26 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 1.00. The company has a market cap of $312.22 billion, a P/E ratio of 12.50, a P/E/G ratio of 1.27 and a beta of 1.64. Bank of America Corp has a 52 week low of $26.21 and a 52 week high of $35.72. The business has a 50-day simple moving average of $34.66 and a two-hundred day simple moving average of $31.05.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.05. Bank of America had a return on equity of 11.95% and a net margin of 24.15%. The firm had revenue of $22.30 billion for the quarter, compared to analysts’ expectations of $22.30 billion. During the same period in the prior year, the business posted $0.70 earnings per share. The company’s revenue was down 1.8% on a year-over-year basis. Equities research analysts anticipate that Bank of America Corp will post 3.05 EPS for the current 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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