Acropolis Investment Management LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Acropolis Investment Management LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,797 shares of the financial services provider’s stock after selling 1,105 shares during the quarter. Acropolis Investment Management LLC’s holdings in Bank of America were worth $606,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Traveka Wealth LLC raised its position in shares of Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after buying an additional 226 shares in the last quarter. Longfellow Investment Management Co. LLC increased its stake in shares of Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after acquiring an additional 227 shares during the period. Beacon Investment Advisory Services Inc. raised its holdings in Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 231 shares in the last quarter. Integrity Financial Corp WA lifted its position in Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares during the period. Finally, Cahill Financial Advisors Inc. boosted its stake in Bank of America by 2.1% during the 3rd quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after purchasing an additional 249 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 1.8 %

Bank of America stock opened at $45.88 on Wednesday. Bank of America Co. has a twelve month low of $31.27 and a twelve month 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 firm has a market cap of $352.03 billion, a PE ratio of 16.68, a P/E/G ratio of 1.55 and a beta of 1.33. The firm’s 50 day moving average price is $45.69 and its two-hundred day moving average price is $42.31.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company earned $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Barclays lifted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Oppenheimer cut their price objective 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Company 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.