Hengehold Capital Management LLC Raises Stake in Bank of America Co. (NYSE:BAC)

Hengehold Capital Management LLC grew its position in Bank of America Co. (NYSE:BAC) by 3.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,113 shares of the financial services provider’s stock after purchasing an additional 300 shares during the quarter. Hengehold Capital Management LLC’s holdings in Bank of America were worth $357,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of BAC. Fred Alger Management LLC raised its stake in Bank of America by 4.8% during the 2nd quarter. Fred Alger Management LLC now owns 187,002 shares of the financial services provider’s stock worth $7,437,000 after acquiring an additional 8,570 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Bank of America during the second quarter worth about $182,000. AQR Capital Management LLC boosted its position in shares of Bank of America by 26.8% in 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 purchasing an additional 1,473,322 shares during the period. Employees Retirement System of Texas grew its stake in 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 during the last quarter. Finally, Drucker Wealth 3.0 LLC purchased a new stake in Bank of America in the second quarter valued at approximately $594,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.4 %

BAC stock opened at $46.41 on Friday. 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 firm has a fifty day moving average price of $45.81 and a two-hundred day moving average price of $42.55. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The firm has a market cap of $356.13 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 1.24 and a beta of 1.33.

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Piper Sandler reduced their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Oppenheimer lifted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Finally, Evercore ISI reduced their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. 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 stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price 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.