Gemmer Asset Management LLC Increases Stake in Bank of America Co. (NYSE:BAC)

Gemmer Asset Management LLC raised its stake in Bank of America Co. (NYSE:BAC) by 1.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,183 shares of the financial services provider’s stock after acquiring an additional 235 shares during the quarter. Gemmer Asset Management LLC’s holdings in Bank of America were worth $579,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BAC. Zhang Financial LLC grew its position in shares of Bank of America by 151.0% during the 4th quarter. Zhang Financial LLC now owns 21,918 shares of the financial services provider’s stock valued at $963,000 after acquiring an additional 13,185 shares during the period. Corundum Group Inc. boosted its position in Bank of America by 47.1% during the fourth quarter. Corundum Group Inc. now owns 35,595 shares of the financial services provider’s stock worth $1,564,000 after purchasing an additional 11,390 shares in the last quarter. Purus Wealth Management LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $240,000. Sarasin & Partners LLP acquired a new stake in Bank of America in the 4th quarter valued at $1,318,000. Finally, Community Bank of Raymore increased its holdings in Bank of America by 4.6% in the 4th quarter. Community Bank of Raymore now owns 136,160 shares of the financial services provider’s stock worth $5,984,000 after acquiring an additional 5,967 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.2 %

Shares of Bank of America stock opened at $46.54 on Monday. Bank of America Co. has a fifty-two week low of $31.40 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The stock 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 earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the company posted $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, research analysts predict that Bank of America Co. will post 3.24 earnings per share for the current year.

Analyst Ratings Changes

BAC has been the topic of several recent analyst reports. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Truist Financial boosted their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Barclays boosted their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average 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.