Sovereign Financial Group Inc. Has $1.66 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Sovereign Financial Group Inc. lowered its stake in Bank of America Co. (NYSE:BAC) by 2.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 37,691 shares of the financial services provider’s stock after selling 969 shares during the period. Sovereign Financial Group Inc.’s holdings in Bank of America were worth $1,657,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Accent Capital Management LLC increased its stake in shares of Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments grew its holdings in Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares in the last quarter. Geode Capital Management LLC increased its position in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP lifted its holdings in shares of Bank of America by 125.8% during 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 buying 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 valued at about $550,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on BAC shares. Wells Fargo & Company lifted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Piper Sandler raised their price target on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Trading Up 1.8 %

Shares of BAC stock opened at $45.88 on Wednesday. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. The stock’s fifty day simple moving average is $45.69 and its 200 day simple moving average is $42.31. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $352.03 billion, a P/E ratio of 16.68, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.90 earnings per share. As a group, sell-side analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

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.