Zhang Financial LLC Increases Holdings in Bank of America Co. (NYSE:BAC)

Zhang Financial LLC grew its stake in Bank of America Co. (NYSE:BAC - Free Report) by 151.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,918 shares of the financial services provider's stock after purchasing an additional 13,185 shares during the quarter. Zhang Financial LLC's holdings in Bank of America were worth $963,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Kennebec Savings Bank purchased a new position in shares of Bank of America in the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC raised its holdings in 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. Retirement Wealth Solutions LLC purchased a new position in Bank of America during the fourth quarter valued at $42,000. Christopher J. Hasenberg Inc boosted its holdings in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock valued at $40,000 after buying an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America in the 3rd quarter worth about $45,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BAC shares. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 3rd. Phillip Securities raised Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Citigroup raised Bank of America from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Evercore ISI cut their price target on shares of Bank of America from $53.00 to $51.00 and set an "outperform" rating on the stock in a report on Friday. Finally, Oppenheimer boosted their price target on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday. 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 given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $48.58.

Bank of America Stock Performance

NYSE BAC traded down $0.10 on Monday, hitting $46.54. 44,307,437 shares of the company traded hands, compared to its average volume of 26,125,426. The business's 50 day moving average price is $45.79 and its 200-day moving average price is $42.44. Bank of America Co. has a 52-week low of $31.40 and a 52-week high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization 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.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating 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 for the quarter, compared to analysts' expectations of $25.12 billion. During the same period in the previous year, the firm earned $0.70 EPS. The business's quarterly revenue was up 15.0% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.24 earnings per share for the current year.

Bank of America 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.