Alan B Lancz & Associates Inc. Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

Alan B Lancz & Associates Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 3.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 15,928 shares of the financial services provider’s stock after selling 600 shares during the quarter. Alan B Lancz & Associates Inc.’s holdings in Bank of America were worth $700,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Kennebec Savings Bank purchased a new position in shares of Bank of America in the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc lifted its stake in shares of Bank of America by 525.9% during the third 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. Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at $42,000. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America in the 3rd quarter worth $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $46.48 on Friday. The company has a fifty day moving average of $45.82 and a two-hundred day moving average of $42.61. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The stock has a market capitalization of $356.60 billion, a PE ratio of 14.43, a P/E/G 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.

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 for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the company posted $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on BAC shares. Oppenheimer boosted their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Evercore ISI dropped their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. Piper Sandler cut their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.