Culbertson A N & Co. Inc. Has $3.61 Million Position in Bank of America Co. (NYSE:BAC)

Culbertson A N & Co. Inc. cut its position in shares of Bank of America Co. (NYSE:BAC) by 0.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 82,177 shares of the financial services provider’s stock after selling 500 shares during the period. Culbertson A N & Co. Inc.’s holdings in Bank of America were worth $3,612,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC boosted its holdings in shares of 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 acquiring an additional 510 shares during the period. Christopher J. Hasenberg Inc increased its stake in shares of 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 during the period. Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the 4th quarter worth approximately $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America in the 3rd quarter valued at $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on BAC. Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Finally, Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

BAC stock opened at $46.54 on Tuesday. The stock has a market cap of $357.13 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 1.27 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a 50 day simple moving average of $45.79 and a 200 day simple moving average of $42.44. Bank of America Co. has a 1 year low of $31.40 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the business earned $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.67 EPS for the current fiscal year.

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.