M.E. Allison & CO. Inc. purchased a new stake in Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 11,683 shares of the financial services provider's stock, valued at approximately $513,000.
A number of other hedge funds have also recently made changes to their positions in BAC. Kennebec Savings Bank purchased a new stake in Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC increased its holdings in shares of 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 worth $37,000 after buying an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $42,000. Christopher J. Hasenberg Inc lifted its holdings in shares of 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 acquiring an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth $45,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America Trading Down 0.2 %
Bank of America stock traded down $0.10 during mid-day trading on Monday, reaching $46.54. 44,307,437 shares of the company traded hands, compared to its average volume of 26,125,426. The firm's 50 day moving average price is $45.79 and its 200 day moving average price is $42.44. Bank of America Co. has a 52-week low of $31.40 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.12 billion. During the same quarter in the previous year, the company earned $0.70 earnings per share. Bank of America's quarterly revenue was up 15.0% on a year-over-year basis. On average, analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of equities research analysts have weighed in on BAC shares. Royal Bank of Canada restated an "outperform" rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Citigroup raised Bank of America from a "neutral" rating to a "buy" rating and raised their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Keefe, Bruyette & Woods upped their target price on Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 3rd. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Finally, UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $48.58.
Get Our Latest Stock Analysis on Bank of America
Bank of America Profile
(
Free Report)
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.
See Also
Before you consider Bank of America, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of America wasn't on the list.
While Bank of America currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Click the link below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
