Bank of America Co. (NYSE:BAC) Shares Sold by Cohen Klingenstein LLC

Cohen Klingenstein LLC decreased its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 3.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 277,806 shares of the financial services provider's stock after selling 10,749 shares during the quarter. Cohen Klingenstein LLC's holdings in Bank of America were worth $12,210,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the third quarter worth approximately $29,000. Highline Wealth Partners LLC grew its position 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 valued at $37,000 after purchasing an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc increased its stake in shares of Bank of America by 525.9% in 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. Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America during the third quarter worth about $45,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

NYSE:BAC traded down $0.10 during mid-day trading on Friday, reaching $46.54. 44,307,437 shares of the stock were exchanged, compared to its average volume of 26,125,426. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1 year low of $31.40 and a 1 year high of $48.08. The company has a 50 day simple moving average of $45.79 and a 200-day simple moving average of $42.42. The stock has a market capitalization of $357.13 billion, a P/E 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 issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America's quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 EPS. Analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on BAC shares. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Royal Bank of Canada reissued an "outperform" rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Hsbc Global Res upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Phillip Securities raised Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Finally, Oppenheimer increased their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $48.58.

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.