Advisory Alpha LLC Acquires 698 Shares of Bank of America Co. (NYSE:BAC)

Advisory Alpha LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 2.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,515 shares of the financial services provider’s stock after acquiring an additional 698 shares during the period. Advisory Alpha LLC’s holdings in Bank of America were worth $1,253,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Geode Capital Management LLC lifted its position in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Legal & General Group Plc raised its position in shares of Bank of America by 1.6% during the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after buying an additional 895,884 shares in the last quarter. Fisher Asset Management LLC grew its position in Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after acquiring an additional 1,731,003 shares in the last quarter. Sanders Capital LLC increased its stake in Bank of America by 2.8% in the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after acquiring an additional 601,211 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its position in Bank of America by 0.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after purchasing an additional 59,853 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $46.65 on Wednesday. The business’s fifty day moving average is $45.80 and its 200 day moving average is $42.48. The stock has a market cap of $357.92 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 1.26 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $32.32 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results 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. 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 net margin of 14.10% and a return on equity of 10.29%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.70 earnings per share. Research analysts expect that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Piper Sandler decreased their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Wells Fargo & Company upped their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Evercore ISI cut their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.