Affinity Capital Advisors LLC Decreases Holdings in Bank of America Co. (NYSE:BAC)

Affinity Capital Advisors LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 11.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,472 shares of the financial services provider’s stock after selling 1,248 shares during the quarter. Affinity Capital Advisors LLC’s holdings in Bank of America were worth $436,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Tlwm increased its holdings in Bank of America by 3.8% in the 4th quarter. Tlwm now owns 36,078 shares of the financial services provider’s stock worth $1,586,000 after acquiring an additional 1,315 shares during the last quarter. GSG Advisors LLC purchased a new stake in Bank of America in the 4th quarter worth about $201,000. Rosenberg Matthew Hamilton increased its holdings in Bank of America by 2.9% in the 4th quarter. Rosenberg Matthew Hamilton now owns 9,618 shares of the financial services provider’s stock worth $423,000 after acquiring an additional 270 shares during the last quarter. Greenfield Savings Bank increased its holdings in Bank of America by 0.8% in the 4th quarter. Greenfield Savings Bank now owns 39,947 shares of the financial services provider’s stock worth $1,756,000 after acquiring an additional 313 shares during the last quarter. Finally, Gleason Group Inc. increased its holdings in Bank of America by 0.5% in the 4th quarter. Gleason Group Inc. now owns 98,957 shares of the financial services provider’s stock worth $4,349,000 after acquiring an additional 523 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BAC. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Barclays lifted their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Truist Financial initiated coverage on Bank of America in a research note on Tuesday, January 7th. They issued a “buy” rating and a $52.00 target price for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Performance

Shares of BAC opened at $45.88 on Wednesday. The company has a market cap of $352.03 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a 50-day moving average price of $45.69 and a 200-day moving average price of $42.31. Bank of America Co. has a 12-month low of $31.27 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the company posted $0.90 EPS. As a group, equities analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

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.