Avity Investment Management Inc. Trims Stake in Bank of America Co. (NYSE:BAC)

Avity Investment Management Inc. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 15.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 65,525 shares of the financial services provider’s stock after selling 12,000 shares during the quarter. Avity Investment Management Inc.’s holdings in Bank of America were worth $2,880,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of BAC. Fairway Wealth LLC purchased a new stake in Bank of America in the second quarter worth $27,000. Kennebec Savings Bank bought a new position in shares of Bank of America in the third quarter worth about $29,000. Highline Wealth Partners LLC increased its stake in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the period. Christopher J. Hasenberg Inc lifted its holdings in 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 valued at $40,000 after buying an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America in the 3rd quarter valued at about $45,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

NYSE BAC opened at $45.88 on Wednesday. The company has a market cap of $352.03 billion, a price-to-earnings ratio of 16.68, a PEG ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock’s fifty day moving average price is $45.69 and its 200 day moving average price is $42.31. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08.

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 for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue was up .4% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 earnings per share. As a group, equities research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $47.50.

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.