Mountain Pacific Investment Advisers LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Mountain Pacific Investment Advisers LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 10.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,786 shares of the financial services provider’s stock after purchasing an additional 1,043 shares during the quarter. Mountain Pacific Investment Advisers LLC’s holdings in Bank of America were worth $474,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Kennebec Savings Bank purchased a new stake in Bank of America in the third quarter valued at $29,000. Highline Wealth Partners LLC boosted its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the period. Retirement Wealth Solutions LLC acquired a new stake in Bank of America in the 4th quarter valued at approximately $42,000. Christopher J. Hasenberg Inc raised 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 valued at $40,000 after purchasing an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America during the third quarter worth $45,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Truist Financial lifted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.54 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 12 month low of $31.40 and a 12 month high of $48.08. The firm has a market capitalization of $357.13 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. The company’s fifty day moving average price is $45.79 and its 200 day moving average price is $42.44.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during 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 business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.70 EPS. As a group, sell-side analysts predict that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

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.