Sax Wealth Advisors LLC Invests $546,000 in Bank of America Co. (NYSE:BAC)

Sax Wealth Advisors LLC acquired a new stake in Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 12,417 shares of the financial services provider's stock, valued at approximately $546,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Merit Financial Group LLC lifted its holdings in shares of Bank of America by 34.7% in the 4th quarter. Merit Financial Group LLC now owns 135,385 shares of the financial services provider's stock worth $5,950,000 after acquiring an additional 34,881 shares during the last quarter. Boston Common Asset Management LLC grew its holdings in Bank of America by 68.7% during the 4th quarter. Boston Common Asset Management LLC now owns 244,594 shares of the financial services provider's stock valued at $10,750,000 after purchasing an additional 99,614 shares during the last quarter. Relyea Zuckerberg Hanson LLC raised its position in Bank of America by 3.4% in the 4th quarter. Relyea Zuckerberg Hanson LLC now owns 18,495 shares of the financial services provider's stock worth $813,000 after purchasing an additional 604 shares during the period. Avanza Fonder AB bought a new stake in Bank of America in the fourth quarter worth about $22,242,000. Finally, Woodstock Corp boosted its position in shares of Bank of America by 0.6% during the fourth quarter. Woodstock Corp now owns 159,727 shares of the financial services provider's stock valued at $7,020,000 after buying an additional 981 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BAC shares. Keefe, Bruyette & Woods increased their price target on Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a report on Tuesday, December 3rd. Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. Evercore ISI decreased their target price on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research report on Friday. 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. Finally, Citigroup upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. One 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.58.

Bank of America Stock Down 0.2 %

Bank of America stock traded down $0.10 during mid-day trading on Friday, reaching $46.54. 44,307,437 shares of the company were exchanged, compared to its average volume of 26,125,426. Bank of America Co. has a 12-month low of $31.40 and a 12-month high of $48.08. The business has a fifty day moving average of $45.79 and a 200 day moving average of $42.43. The firm has a market cap of $357.13 billion, a P/E ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. 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 issued its quarterly earnings data 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. 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 analysts' expectations of $25.12 billion. During the same period in the prior year, the business posted $0.70 EPS. The firm's quarterly revenue was up 15.0% on a year-over-year basis. Research analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current fiscal 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.