Fortitude Advisory Group L.L.C. Has $693,000 Position in Bank of America Co. (NYSE:BAC)

Fortitude Advisory Group L.L.C. lowered its position in Bank of America Co. (NYSE:BAC) by 1.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,766 shares of the financial services provider’s stock after selling 310 shares during the quarter. Fortitude Advisory Group L.L.C.’s holdings in Bank of America were worth $693,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BAC. Buffington Mohr McNeal increased its holdings in Bank of America by 1.1% in the fourth quarter. Buffington Mohr McNeal now owns 197,468 shares of the financial services provider’s stock worth $8,679,000 after buying an additional 2,229 shares during the last quarter. Nilsine Partners LLC raised its holdings in shares of Bank of America by 15.1% during the 4th quarter. Nilsine Partners LLC now owns 31,741 shares of the financial services provider’s stock valued at $1,395,000 after purchasing an additional 4,166 shares in the last quarter. Berkshire Bank boosted its holdings in Bank of America by 1.5% in the fourth quarter. Berkshire Bank now owns 74,167 shares of the financial services provider’s stock worth $3,260,000 after purchasing an additional 1,119 shares in the last quarter. Cherry Creek Investment Advisors Inc. raised its holdings in Bank of America by 12.4% during the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 21,079 shares of the financial services provider’s stock valued at $926,000 after buying an additional 2,318 shares in the last quarter. Finally, Lebenthal Global Advisors LLC boosted its stake in shares of Bank of America by 61.2% during the 4th quarter. Lebenthal Global Advisors LLC now owns 8,743 shares of the financial services provider’s stock worth $384,000 after acquiring an additional 3,319 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 1.2 %

BAC opened at $47.06 on Tuesday. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The firm has a market cap of $361.10 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 1.24 and a beta of 1.33. The firm’s 50-day simple moving average is $45.82 and its 200-day simple moving average is $42.63. 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 quarterly earnings data 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. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.70 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BAC. Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Phillip Securities upgraded shares of 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. Truist Financial lifted their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Piper Sandler lowered their price objective 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.