Callan Family Office LLC Sells 24,327 Shares of Bank of America Corporation $BAC

Callan Family Office LLC cut its stake in Bank of America Corporation (NYSE:BAC) by 7.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 285,892 shares of the financial services provider’s stock after selling 24,327 shares during the period. Callan Family Office LLC’s holdings in Bank of America were worth $14,749,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Permanent Capital Management LP bought a new stake in Bank of America in the 3rd quarter valued at approximately $649,000. Disciplined Investments LLC acquired a new stake in shares of Bank of America in the second quarter valued at approximately $217,000. Sunbeam Capital Management LLC lifted its position in shares of Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares in the last quarter. CCG Wealth Management LLC acquired a new position in Bank of America during the second quarter worth $287,000. Finally, Stonehage Fleming Financial Services Holdings Ltd bought a new position in Bank of America in the second quarter valued at $1,456,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of recent research reports. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 7th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Wednesday, January 7th. UBS Group boosted their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. TD Cowen cut their price objective on Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a report on Thursday, January 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.00.

Bank of America Stock Up 1.6%

BAC stock opened at $54.03 on Tuesday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $57.55. The business’s 50 day simple moving average is $54.20 and its 200 day simple moving average is $51.65. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $394.52 billion, a PE ratio of 14.11, a PEG ratio of 1.30 and a beta of 1.29.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $27.73 billion. During the same quarter last year, the firm posted $0.82 EPS. The company’s quarterly revenue was up 12.3% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.