Motive Wealth Advisors Acquires Shares of 5,414 Bank of America Co. (NYSE:BAC)

Motive Wealth Advisors bought a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 5,414 shares of the financial services provider’s stock, valued at approximately $238,000.

Other institutional investors have also recently modified their holdings of the company. Fred Alger Management LLC increased its holdings in Bank of America by 4.8% in 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 purchased a new position in Bank of America in the 2nd quarter valued at about $182,000. AQR Capital Management LLC lifted its stake in 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 buying an additional 1,473,322 shares in the last quarter. Employees Retirement System of Texas increased 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 in the last quarter. Finally, Drucker Wealth 3.0 LLC acquired a new position in shares of Bank of America during the second quarter valued at approximately $594,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BAC shares. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. Truist Financial raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Evercore ISI dropped 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. Piper Sandler decreased their target price 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. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Price Performance

BAC stock opened at $46.41 on Friday. The company has a market capitalization of $356.13 billion, a PE ratio of 14.41, a P/E/G ratio of 1.24 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business’s fifty day moving average price is $45.81 and its 200 day moving average price is $42.55. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business posted $0.70 earnings per share. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.67 EPS for the current year.

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.