Bank of America Co. (NYSE:BAC) Shares Sold by Wesbanco Bank Inc.

Wesbanco Bank Inc. trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 11.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 35,293 shares of the financial services provider’s stock after selling 4,497 shares during the period. Wesbanco Bank Inc.’s holdings in Bank of America were worth $1,551,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fred Alger Management LLC grew its stake in shares of Bank of America by 4.8% in the second quarter. Fred Alger Management LLC now owns 187,002 shares of the financial services provider’s stock worth $7,437,000 after purchasing an additional 8,570 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in Bank of America in the 2nd quarter valued at about $182,000. AQR Capital Management LLC increased its stake in Bank of America by 26.8% during the 2nd quarter. AQR Capital Management LLC now owns 6,979,594 shares of the financial services provider’s stock valued at $276,252,000 after buying an additional 1,473,322 shares during the period. Employees Retirement System of Texas raised its position in shares of Bank of America by 27.3% during the 2nd quarter. Employees Retirement System of Texas now owns 93,145 shares of the financial services provider’s stock worth $3,704,000 after buying an additional 19,970 shares in the last quarter. Finally, Drucker Wealth 3.0 LLC acquired a new stake in shares of Bank of America in the 2nd quarter worth approximately $594,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC stock opened at $46.41 on Friday. The firm has a 50 day simple moving average of $45.81 and a 200 day simple moving average of $42.55. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. The stock has a market cap of $356.13 billion, a P/E ratio of 14.41, 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 quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $25.12 billion. During the same quarter last year, the business posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. Research analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BAC shares. Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Barclays boosted their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Morgan Stanley boosted their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Company 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.