HCR Wealth Advisors trimmed its stake in Bank of America Co. (NYSE:BAC) by 5.7% in the 4th quarter, HoldingsChannel reports. The fund owned 53,002 shares of the financial services provider’s stock after selling 3,183 shares during the quarter. HCR Wealth Advisors’ holdings in Bank of America were worth $2,329,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in BAC. Traveka Wealth LLC raised its holdings in Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares in the last quarter. Longfellow Investment Management Co. LLC increased its stake in Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. raised its holdings in shares of Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after buying an additional 231 shares during the last quarter. Integrity Financial Corp WA grew its holdings in shares of Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after buying an additional 240 shares during the last quarter. Finally, Cahill Financial Advisors Inc. increased its position in shares of Bank of America by 2.1% in the 3rd quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after acquiring an additional 249 shares during the period. 70.71% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
BAC has been the subject of a number of research reports. Oppenheimer lowered their price target on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. HSBC raised shares of 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 Tuesday, January 7th. Finally, Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $48.00 to $55.00 in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $47.50.
Bank of America Price Performance
NYSE:BAC opened at $47.23 on Thursday. The firm has a market cap of $362.39 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The stock has a 50 day moving average of $45.69 and a two-hundred day moving average of $42.31. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. 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 (NYSE:BAC – Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the company earned $0.90 EPS. The firm’s revenue was up .4% compared to the same quarter last year. On average, analysts expect that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.
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.
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