Bank of America Co. (NYSE:BAC) Shares Purchased by Armstrong Advisory Group Inc.

Armstrong Advisory Group Inc. raised its holdings in Bank of America Co. (NYSE:BAC) by 2.1% in the fourth quarter, Holdings Channel reports. The fund owned 28,278 shares of the financial services provider’s stock after buying an additional 573 shares during the period. Armstrong Advisory Group Inc.’s holdings in Bank of America were worth $1,243,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Traveka Wealth LLC boosted its stake in Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after buying an additional 226 shares during the last quarter. Longfellow Investment Management Co. LLC lifted its holdings in shares of Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after acquiring an additional 227 shares during the period. Beacon Investment Advisory Services Inc. boosted its position in shares of Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after acquiring an additional 231 shares during the last quarter. Integrity Financial Corp WA grew its holdings in Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 240 shares during the period. Finally, Cahill Financial Advisors Inc. increased its position in Bank of America by 2.1% during the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock worth $485,000 after purchasing an additional 249 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of several research reports. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods upped their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Piper Sandler lifted their price objective on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Evercore ISI increased their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Performance

NYSE:BAC opened at $47.23 on Thursday. The firm has a 50-day moving average of $45.69 and a two-hundred day moving average of $42.31. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $362.39 billion, a P/E ratio of 17.17, a PEG ratio of 1.23 and a beta of 1.33. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the prior year, the business posted $0.90 earnings per share. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.24 earnings per share 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.