Grant GrossMendelsohn LLC Sells 10,476 Shares of Bank of America Co. (NYSE:BAC)

Grant GrossMendelsohn LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 35.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,693 shares of the financial services provider's stock after selling 10,476 shares during the period. Grant GrossMendelsohn LLC's holdings in Bank of America were worth $822,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Kennebec Savings Bank purchased a new stake in Bank of America in the 3rd quarter worth about $29,000. Highline Wealth Partners LLC increased its stake 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 worth $37,000 after purchasing an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc raised its position in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 852 shares during the period. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the 3rd quarter valued at approximately $45,000. Finally, Truvestments Capital LLC bought a new position in Bank of America in the 3rd quarter worth approximately $73,000. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BAC shares. HSBC raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Royal Bank of Canada reiterated an "outperform" rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a research note on Friday. StockNews.com upgraded Bank of America from a "sell" rating to a "hold" rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $48.58.

Bank of America Trading Down 0.2 %

Shares of BAC traded down $0.10 during trading hours on Friday, hitting $46.54. The company had a trading volume of 44,307,437 shares, compared to its average volume of 26,125,426. Bank of America Co. has a 52-week low of $31.40 and a 52-week high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock's 50 day moving average price is $45.79 and its 200 day moving average price is $42.42. The firm has a market cap 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 announced its quarterly earnings data 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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the company posted $0.70 earnings per share. The business's revenue was up 15.0% on a year-over-year basis. On average, research analysts predict that Bank of America Co. will post 3.24 EPS 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.