Bank of America Co. (NYSE:BAC) Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 3.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 185,900 shares of the financial services provider’s stock after selling 7,400 shares during the quarter. Hennessy Advisors Inc.’s holdings in Bank of America were worth $8,170,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Kennebec Savings Bank bought a new stake in Bank of America during the third quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its holdings in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc boosted its holdings in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in Bank of America during the third quarter worth approximately $45,000. Finally, Truvestments Capital LLC bought a new stake in Bank of America during the third quarter worth approximately $73,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company raised 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.18.

Bank of America Stock Down 1.0 %

Bank of America stock opened at $46.65 on Friday. The company has a market capitalization of $357.91 billion, a P/E ratio of 16.96, a P/E/G ratio of 1.23 and a beta of 1.33. The firm’s fifty day simple moving average is $45.72 and its 200-day simple moving average is $42.34. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. 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 released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The business 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 12.48% and a return on equity of 10.09%. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.70 EPS. Sell-side analysts forecast 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.