11,683 Shares in Bank of America Co. (NYSE:BAC) Acquired by M.E. Allison & CO. Inc.

M.E. Allison & CO. Inc. bought a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, Holdings Channel reports. The institutional investor bought 11,683 shares of the financial services provider’s stock, valued at approximately $513,000.

A number of other hedge funds also recently bought and sold shares of BAC. Edgestream Partners L.P. bought a new stake in Bank of America in the second quarter valued at approximately $257,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Bank of America by 7.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock valued at $3,887,000 after buying an additional 6,385 shares during the period. Pacer Advisors Inc. increased its stake in shares of Bank of America by 2.7% during the second quarter. Pacer Advisors Inc. now owns 484,549 shares of the financial services provider’s stock valued at $19,271,000 after buying an additional 12,611 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its stake in Bank of America by 186.7% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 66,881 shares of the financial services provider’s stock worth $2,660,000 after purchasing an additional 43,552 shares during the period. Finally, Hancock Whitney Corp grew its stake in Bank of America by 0.6% in the second quarter. Hancock Whitney Corp now owns 90,518 shares of the financial services provider’s stock worth $3,600,000 after purchasing an additional 508 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.2 %

Shares of NYSE BAC opened at $46.54 on Monday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a fifty day simple moving average of $45.79 and a two-hundred day simple moving average of $42.43. The firm has a market cap of $357.13 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. Bank of America Co. has a twelve month low of $31.40 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating 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 business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the business posted $0.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BAC. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Truist Financial upped their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Finally, Wells Fargo & Company upped their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

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.