Pines Wealth Management LLC Makes New $252,000 Investment in Bank of America Co. (NYSE:BAC)

Pines Wealth Management LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 5,579 shares of the financial services provider’s stock, valued at approximately $252,000.

Several other hedge funds have also modified their holdings of 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 holdings in shares of 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 valued at $37,000 after acquiring an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc grew its position in Bank of America by 525.9% in the third 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 in the last quarter. Northwest Investment Counselors LLC bought a new stake in Bank of America during the third quarter worth approximately $45,000. Finally, Truvestments Capital LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at approximately $73,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $48.00 to $55.00 in a research note on Monday, December 9th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Oppenheimer reduced their price objective on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Finally, Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Trading Up 3.2 %

NYSE BAC opened at $47.23 on Thursday. Bank of America Co. has a one year low of $31.27 and a one year 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 company has a market capitalization of $362.39 billion, a price-to-earnings ratio of 17.17, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company’s 50-day simple moving average is $45.69 and its two-hundred day simple moving average is $42.31.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same period last year, the company posted $0.90 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.27 EPS 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.