Bank of America Co. (NYSE:BAC) Shares Sold by Asio Capital LLC

Asio Capital LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 10.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 139,728 shares of the financial services provider’s stock after selling 16,893 shares during the quarter. Bank of America comprises approximately 1.2% of Asio Capital LLC’s holdings, making the stock its 23rd largest position. Asio Capital LLC’s holdings in Bank of America were worth $6,141,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Marino Stram & Associates LLC increased its stake in shares of Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares in the last quarter. Traveka Wealth LLC grew its holdings in Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 226 shares during the period. Longfellow Investment Management Co. LLC raised its position in shares of Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after acquiring an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. boosted its holdings in Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after buying an additional 231 shares during the last quarter. Finally, Southland Equity Partners LLC increased its stake in Bank of America by 2.6% in the fourth quarter. Southland Equity Partners LLC now owns 9,016 shares of the financial services provider’s stock valued at $396,000 after purchasing an additional 231 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 $46.48 on Friday. The stock’s fifty day moving average is $45.82 and its 200 day moving average is $42.61. The stock has a market cap of $356.60 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.24 and a beta of 1.33. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. 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 posted its 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. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on BAC. Phillip Securities raised 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. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Truist Financial increased their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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.