Manning & Napier Advisors LLC Has $46.19 Million Holdings in Bank of America Co. (NYSE:BAC)

Manning & Napier Advisors LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 10.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,051,067 shares of the financial services provider’s stock after selling 125,001 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Bank of America were worth $46,194,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Driehaus Capital Management LLC increased its position in Bank of America by 56.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 21,993 shares of the financial services provider’s stock worth $875,000 after buying an additional 7,964 shares during the period. Regal Investment Advisors LLC increased its holdings in shares of Bank of America by 2.3% during the 2nd quarter. Regal Investment Advisors LLC now owns 47,468 shares of the financial services provider’s stock worth $1,888,000 after purchasing an additional 1,060 shares during the period. Advisory Alpha LLC increased its holdings in shares of Bank of America by 6.2% during the 2nd quarter. Advisory Alpha LLC now owns 25,974 shares of the financial services provider’s stock worth $1,033,000 after purchasing an additional 1,513 shares during the period. Granite Bay Wealth Management LLC bought a new position in shares of Bank of America during the 2nd quarter worth about $7,349,000. Finally, SPC Financial Inc. increased its holdings in shares of Bank of America by 7.4% during the 2nd quarter. SPC Financial Inc. now owns 27,460 shares of the financial services provider’s stock worth $1,092,000 after purchasing an additional 1,883 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on BAC. Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Up 0.9 %

Shares of NYSE BAC traded up $0.43 during midday trading on Wednesday, reaching $47.27. The company’s stock had a trading volume of 3,234,171 shares, compared to its average volume of 36,439,086. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The stock has a market capitalization of $362.68 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 1.24 and a beta of 1.33. The stock has a 50 day simple moving average of $45.83 and a 200-day simple moving average of $42.70.

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, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.70 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.67 earnings per share for the current year.

About Bank of America

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.