Kingswood Wealth Advisors LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 22.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,771 shares of the financial services provider's stock after selling 25,244 shares during the quarter. Kingswood Wealth Advisors LLC's holdings in Bank of America were worth $3,726,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also added to or reduced their stakes in BAC. Accent Capital Management LLC boosted its holdings in Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider's stock worth $1,567,000 after acquiring an additional 11,873 shares in the last quarter. Summit Global Investments raised its position in shares of Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider's stock valued at $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Geode Capital Management LLC boosted its stake in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider's stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares in the last quarter. Baker Avenue Asset Management LP increased its stake in Bank of America by 125.8% during 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 purchasing an additional 33,983 shares in the last quarter. Finally, Copley Financial Group Inc. purchased a new position in shares of Bank of America in the third quarter worth $550,000. 70.71% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on BAC shares. Oppenheimer boosted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, January 17th. Hsbc Global Res raised 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 target price for the company in a report on Friday, October 18th. Royal Bank of Canada reissued an "outperform" rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Finally, StockNews.com raised Bank of America from a "sell" rating to a "hold" rating in a research report on Wednesday, October 16th. One research 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 company. Based on data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $48.58.
Check Out Our Latest Report on Bank of America
Bank of America Trading Up 1.2 %
NYSE:BAC traded up $0.54 on Monday, hitting $47.06. The stock had a trading volume of 44,240,955 shares, compared to its average volume of 39,187,445. The company has a fifty day moving average price of $45.82 and a two-hundred day moving average price of $42.63. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market cap of $361.10 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 1.24 and a beta of 1.33.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the business posted $0.70 earnings per share. The firm's revenue for the quarter was up 15.0% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.
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.
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