Hedges Asset Management LLC Has $1.06 Million Position in Bank of America Co. (NYSE:BAC)

Hedges Asset Management LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 9.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 24,000 shares of the financial services provider’s stock after selling 2,600 shares during the quarter. Hedges Asset Management LLC’s holdings in Bank of America were worth $1,055,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Kennebec Savings Bank acquired a new position in shares of Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC boosted its stake in 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 purchasing an additional 510 shares during the period. Retirement Wealth Solutions LLC acquired a new position in Bank of America in the 4th quarter valued at $42,000. Christopher J. Hasenberg Inc increased its position in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the third quarter worth $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 1.4 %

Shares of NYSE:BAC opened at $46.41 on Friday. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The company has a market capitalization of $356.13 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a fifty day moving average of $45.81 and a 200-day moving average of $42.55.

Bank of America (NYSE:BAC) last issued its 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 during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.70 EPS. On average, equities analysts predict that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Piper Sandler lowered their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Oppenheimer upped their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued 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, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target 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.