Selective Wealth Management Inc. Sells 1,365 Shares of Bank of America Co. (NYSE:BAC)

Selective Wealth Management Inc. lessened its holdings in Bank of America Co. (NYSE:BAC) by 9.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,770 shares of the financial services provider’s stock after selling 1,365 shares during the quarter. Selective Wealth Management Inc.’s holdings in Bank of America were worth $630,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in BAC. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America in the fourth quarter valued at $42,000. LongView Wealth Management grew its position in shares of Bank of America by 12.3% in the 4th quarter. LongView Wealth Management now owns 12,823 shares of the financial services provider’s stock valued at $564,000 after acquiring an additional 1,408 shares during the period. Brooklyn Investment Group increased its stake in shares of Bank of America by 8.3% during the 4th quarter. Brooklyn Investment Group now owns 33,180 shares of the financial services provider’s stock worth $1,458,000 after purchasing an additional 2,550 shares during the last quarter. Sax Wealth Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $546,000. Finally, Merit Financial Group LLC lifted its stake in Bank of America by 34.7% in the 4th quarter. Merit Financial Group LLC now owns 135,385 shares of the financial services provider’s stock valued at $5,950,000 after purchasing an additional 34,881 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several research reports. 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. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Down 0.2 %

Shares of BAC stock opened at $46.54 on Friday. Bank of America Co. has a fifty-two week low of $31.40 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50 day simple moving average of $45.76 and a two-hundred day simple moving average of $42.37. The company has a market cap of $357.13 billion, a P/E ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the firm earned $0.70 EPS. The business’s revenue was up 15.0% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.24 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.