Brooklyn Investment Group Purchases 2,550 Shares of Bank of America Co. (NYSE:BAC)

Brooklyn Investment Group boosted its position in shares of Bank of America Co. (NYSE:BAC) by 8.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,180 shares of the financial services provider’s stock after buying an additional 2,550 shares during the period. Brooklyn Investment Group’s holdings in Bank of America were worth $1,458,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Traveka Wealth LLC raised its stake in shares of Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 226 shares in the last quarter. Longfellow Investment Management Co. LLC lifted its holdings in Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. raised its stake in shares of Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after acquiring an additional 231 shares during the last quarter. Integrity Financial Corp WA raised its holdings in shares of 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 valued at $590,000 after buying an additional 240 shares during the last quarter. Finally, Cahill Financial Advisors Inc. raised its stake in shares of Bank of America by 2.1% in the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock worth $485,000 after acquiring an additional 249 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 0.2 %

BAC stock opened at $46.54 on Friday. 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 $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 business’s 50 day moving average price is $45.76 and its two-hundred day moving average price is $42.37. Bank of America Co. has a fifty-two week low of $31.40 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 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 15.0% compared to the same quarter last year. During the same period last year, the business posted $0.70 EPS. As a group, analysts forecast that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BAC shares. 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. Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Morgan Stanley increased their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.