Patrick M Sweeney & Associates Inc. Sells 11,501 Shares of Bank of America Co. (NYSE:BAC)

Patrick M Sweeney & Associates Inc. decreased its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 9.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 115,300 shares of the financial services provider's stock after selling 11,501 shares during the quarter. Bank of America accounts for 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Accent Capital Management LLC increased its position in shares of Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider's stock valued at $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments grew its holdings in Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider's stock worth $2,035,000 after acquiring an additional 36,089 shares during the period. Geode Capital Management LLC raised its position in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider's stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Baker Avenue Asset Management LP lifted its holdings in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider's stock valued at $2,421,000 after acquiring an additional 33,983 shares during the last quarter. Finally, Clarendon Private LLC bought a new position in shares of Bank of America during the 4th quarter valued at about $798,000. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on BAC. Hsbc Global Res upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a report on Friday, January 17th. Royal Bank of Canada reissued an "outperform" rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Oppenheimer boosted their target price on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research report on Friday, January 17th. Finally, Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.58.

Bank of America Stock Down 0.4 %

BAC traded down $0.21 during trading on Tuesday, reaching $46.88. 27,153,539 shares of the stock traded hands, compared to its average volume of 38,480,762. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The stock's 50-day simple moving average is $45.82 and its two-hundred day simple moving average is $42.67. The stock has a market cap of $359.70 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 1.24 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. The business had revenue of $25.30 billion during 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%. The firm's revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 EPS. As a group, equities research analysts expect that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America 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.