Shikiar Asset Management Inc. lowered its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 4.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 142,905 shares of the financial services provider's stock after selling 6,875 shares during the quarter. Bank of America comprises approximately 1.7% of Shikiar Asset Management Inc.'s investment portfolio, making the stock its 23rd biggest position. Shikiar Asset Management Inc.'s holdings in Bank of America were worth $6,281,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in BAC. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC boosted its holdings in shares of Bank of America by 152.7% in the 4th 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 boosted its holdings 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 valued at $40,000 after purchasing an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at $45,000. Institutional investors and hedge funds own 70.71% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on BAC shares. Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a report on Friday. Keefe, Bruyette & Woods raised their target price on Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and raised their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup raised Bank of America from a "neutral" rating to a "buy" rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. One equities 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 issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $48.58.
Check Out Our Latest Stock Analysis on Bank of America
Bank of America Stock Down 0.2 %
BAC stock traded down $0.10 during mid-day trading on Friday, reaching $46.54. 44,307,437 shares of the company traded hands, compared to its average volume of 26,125,426. The stock has a market cap of $357.13 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. 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 fifty-two week low of $31.40 and a fifty-two week high of $48.08. The firm's 50 day moving average price is $45.76 and its 200 day moving average price is $42.37.
Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company's quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.70 EPS. As a group, equities research analysts predict that Bank of America Co. will post 3.24 EPS 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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