Pacific Capital Wealth Advisors Inc. Sells 443 Shares of Bank of America Co. (NYSE:BAC)

Pacific Capital Wealth Advisors Inc. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 11.1% in the 4th quarter, Holdings Channel reports. The fund owned 3,542 shares of the financial services provider’s stock after selling 443 shares during the quarter. Pacific Capital Wealth Advisors Inc.’s holdings in Bank of America were worth $156,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Kennebec Savings Bank bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC raised its stake in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc lifted its position in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the fourth quarter worth $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America in the 3rd quarter valued at $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. 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 report on Tuesday, January 7th. Evercore ISI cut their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Wells Fargo & Company upped their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Up 1.2 %

Shares of BAC opened at $47.06 on Tuesday. The business’s fifty day moving average price is $45.82 and its two-hundred day moving average price is $42.63. The firm has a market capitalization of $361.10 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

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