Raleigh Capital Management Inc. Sells 325 Shares of Bank of America Co. (NYSE:BAC)

Raleigh Capital Management Inc. decreased its holdings in Bank of America Co. (NYSE:BAC) by 2.4% in the 4th quarter, HoldingsChannel reports. The firm owned 13,097 shares of the financial services provider’s stock after selling 325 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Bank of America were worth $576,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Mount Yale Investment Advisors LLC grew its holdings in Bank of America by 20.7% during the 2nd quarter. Mount Yale Investment Advisors LLC now owns 7,557 shares of the financial services provider’s stock worth $301,000 after acquiring an additional 1,297 shares during the last quarter. Mill Creek Capital Advisors LLC increased its holdings in shares of Bank of America by 10.3% in the second quarter. Mill Creek Capital Advisors LLC now owns 8,883 shares of the financial services provider’s stock valued at $353,000 after purchasing an additional 827 shares in the last quarter. Wescott Financial Advisory Group LLC increased its holdings in shares of Bank of America by 2.1% in the second quarter. Wescott Financial Advisory Group LLC now owns 14,851 shares of the financial services provider’s stock valued at $591,000 after purchasing an additional 311 shares in the last quarter. Zurich Insurance Group Ltd FI raised its position in Bank of America by 70.1% in the 2nd quarter. Zurich Insurance Group Ltd FI now owns 3,641,002 shares of the financial services provider’s stock worth $144,803,000 after purchasing an additional 1,501,073 shares during the last quarter. Finally, Fred Alger Management LLC lifted its holdings in Bank of America by 4.8% during the 2nd quarter. Fred Alger Management LLC now owns 187,002 shares of the financial services provider’s stock worth $7,437,000 after buying an additional 8,570 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $45.80 on Thursday. The company has a 50-day simple moving average of $45.81 and a two-hundred day simple moving average of $42.55. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The stock has a market capitalization of $351.41 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.70 earnings per share. Analysts forecast that Bank of America Co. will post 3.67 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BAC shares. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.