Red Door Wealth Management LLC Buys 10,800 Shares of Bank of America Co. (NYSE:BAC)

Red Door Wealth Management LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 6.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 178,231 shares of the financial services provider’s stock after buying an additional 10,800 shares during the period. Bank of America accounts for approximately 1.2% of Red Door Wealth Management LLC’s holdings, making the stock its 24th biggest position. Red Door Wealth Management LLC’s holdings in Bank of America were worth $7,833,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in shares of Bank of America by 1.2% during the third 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 purchasing an additional 1,700,141 shares in the last quarter. Legal & General Group Plc boosted its stake in Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after buying an additional 895,884 shares during the period. Fisher Asset Management LLC lifted its stake in Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after acquiring an additional 1,731,003 shares during the last quarter. Sanders Capital LLC increased its position in shares of Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after purchasing an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its stake in shares of Bank of America by 0.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after buying an additional 59,853 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.4 %

BAC opened at $46.41 on Friday. The firm has a market capitalization of $356.13 billion, a P/E ratio of 14.41, a PEG ratio of 1.27 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company’s 50-day moving average is $45.81 and its 200 day moving average is $42.55. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.70 EPS. Research analysts expect that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BAC. Barclays boosted their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. One equities research 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, Bank of America has an average rating of “Moderate Buy” and a consensus 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.