Purus Wealth Management LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 5,466 shares of the financial services provider's stock, valued at approximately $240,000.
Several other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC raised its position in Bank of America by 1.2% during 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 buying an additional 1,700,141 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider's stock worth $2,288,347,000 after purchasing an additional 895,884 shares during the last quarter. Fisher Asset Management LLC lifted its position in Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider's stock valued at $1,794,164,000 after purchasing an additional 1,731,003 shares during the period. Sanders Capital LLC boosted its holdings in Bank of America by 2.8% in the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider's stock valued at $886,499,000 after purchasing an additional 601,211 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. grew its position in Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider's stock worth $676,264,000 after purchasing an additional 59,853 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on BAC shares. Citigroup raised Bank of America from a "neutral" rating to a "buy" rating and boosted their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Hsbc Global Res upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. StockNews.com raised shares of Bank of America from a "sell" rating to a "hold" rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.58.
Get Our Latest Report on BAC
Bank of America Trading Down 0.2 %
Shares of BAC stock traded down $0.10 on Monday, hitting $46.54. 44,307,437 shares of the stock traded hands, compared to its average volume of 26,125,426. Bank of America Co. has a twelve month low of $31.40 and a twelve month high of $48.08. The stock has a market capitalization of $357.13 billion, a PE ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The firm's 50-day moving average price is $45.79 and its two-hundred day moving average price is $42.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.
Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results 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 net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.12 billion. During the same quarter in the prior year, the company posted $0.70 EPS. The business's revenue for the quarter was up 15.0% on a year-over-year basis. As a group, analysts anticipate that Bank of America Co. will post 3.24 EPS for the current year.
About Bank of America
(
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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