Amplius Wealth Advisors LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Amplius Wealth Advisors LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,167 shares of the financial services provider’s stock after purchasing an additional 395 shares during the quarter. Amplius Wealth Advisors LLC’s holdings in Bank of America were worth $491,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BAC. Kennebec Savings Bank bought a new position in Bank of America during the third quarter valued at $29,000. Highline Wealth Partners LLC lifted its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc grew its stake in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the period. Retirement Wealth Solutions LLC purchased a new stake in Bank of America in the 4th quarter worth about $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America during the third quarter valued at about $45,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAC. Evercore ISI reduced their target price 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. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

BAC opened at $46.54 on Tuesday. Bank of America Co. has a 12-month low of $31.40 and a 12-month high of $48.08. The company has a market cap of $357.13 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a fifty day simple moving average of $45.79 and a two-hundred day simple moving average of $42.44.

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, topping analysts’ consensus estimates of $0.77 by $0.05. 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 for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the firm posted $0.70 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Research analysts predict that Bank of America Co. will post 3.24 earnings per share for the current fiscal 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.