Bank of America Co. (NYSE:BAC) Stake Decreased by LVW Advisors LLC

LVW Advisors LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 16.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,584 shares of the financial services provider’s stock after selling 6,266 shares during the period. LVW Advisors LLC’s holdings in Bank of America were worth $1,388,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Kennebec Savings Bank bought a new stake in Bank of America during the third quarter worth approximately $29,000. Highline Wealth Partners LLC raised its holdings in Bank of America by 152.7% during 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. Christopher J. Hasenberg Inc raised its holdings in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC bought a new stake in Bank of America during the fourth quarter worth approximately $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America during the third quarter worth approximately $45,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

BAC opened at $46.54 on Monday. Bank of America Co. has a 1-year low of $31.40 and a 1-year 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 stock 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. The business has a 50 day moving average of $45.79 and a 200-day moving average of $42.43.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 return on equity of 10.09% and a net margin of 12.48%. The company 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 earned $0.70 earnings per share. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research reports. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Truist Financial lifted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday. Wells Fargo & Company lifted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Evercore ISI lowered their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

About Bank of America

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.