Patrick M Sweeney & Associates Inc. Has $5.07 Million Holdings in Bank of America Co. (NYSE:BAC)

Patrick M Sweeney & Associates Inc. trimmed its position in Bank of America Co. (NYSE:BAC) by 9.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 115,300 shares of the financial services provider’s stock after selling 11,501 shares during the quarter. Bank of America makes up approximately 5.7% of Patrick M Sweeney & Associates Inc.’s holdings, making the stock its 4th largest position. Patrick M Sweeney & Associates Inc.’s holdings in Bank of America were worth $5,067,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. VCI Wealth Management LLC grew its stake in Bank of America by 22.2% during the 4th quarter. VCI Wealth Management LLC now owns 38,019 shares of the financial services provider’s stock worth $1,671,000 after buying an additional 6,918 shares during the last quarter. Matrix Asset Advisors Inc. NY grew its stake in Bank of America by 912.6% during the 4th quarter. Matrix Asset Advisors Inc. NY now owns 63,801 shares of the financial services provider’s stock worth $2,804,000 after buying an additional 57,500 shares during the last quarter. Griffin Asset Management Inc. grew its stake in Bank of America by 5.4% during the 4th quarter. Griffin Asset Management Inc. now owns 343,197 shares of the financial services provider’s stock worth $15,084,000 after buying an additional 17,579 shares during the last quarter. YHB Investment Advisors Inc. grew its stake in Bank of America by 32.0% during the 4th quarter. YHB Investment Advisors Inc. now owns 20,285 shares of the financial services provider’s stock worth $892,000 after buying an additional 4,921 shares during the last quarter. Finally, Buffington Mohr McNeal grew its stake in Bank of America by 1.1% during the 4th quarter. Buffington Mohr McNeal now owns 197,468 shares of the financial services provider’s stock worth $8,679,000 after buying an additional 2,229 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent research reports. Oppenheimer upped their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Truist Financial boosted their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Piper Sandler reduced their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Finally, 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 report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Up 1.2 %

Shares of Bank of America stock opened at $47.06 on Tuesday. The stock’s fifty day moving average is $45.82 and its 200-day moving average is $42.63. The firm has a market capitalization of $361.10 billion, a PE ratio of 14.62, a price-to-earnings-growth ratio of 1.24 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 Co. has a 12-month low of $32.35 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current 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.