Burney Co. Sells 513 Shares of Bank of America Co. (NYSE:BAC)

Burney Co. cut its stake in Bank of America Co. (NYSE:BAC) by 1.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,599 shares of the financial services provider’s stock after selling 513 shares during the period. Burney Co.’s holdings in Bank of America were worth $2,004,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Apella Capital LLC lifted its stake in shares of Bank of America by 4.3% in the fourth quarter. Apella Capital LLC now owns 11,333 shares of the financial services provider’s stock valued at $498,000 after buying an additional 463 shares during the period. Founders Grove Wealth Partners LLC acquired a new position in Bank of America in the 4th quarter valued at approximately $218,000. Park Avenue Securities LLC lifted its position in shares of Bank of America by 21.2% in the 4th quarter. Park Avenue Securities LLC now owns 156,256 shares of the financial services provider’s stock worth $6,867,000 after acquiring an additional 27,383 shares during the period. Kathmere Capital Management LLC grew its holdings in shares of Bank of America by 9.7% during the 4th quarter. Kathmere Capital Management LLC now owns 33,815 shares of the financial services provider’s stock worth $1,486,000 after purchasing an additional 2,978 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its position in shares of Bank of America by 6.0% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 190,461 shares of the financial services provider’s stock valued at $8,371,000 after purchasing an additional 10,826 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC opened at $47.23 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company’s 50 day simple moving average is $45.69 and its 200-day simple moving average is $42.31. Bank of America Co. has a one year low of $31.27 and a one year high of $48.08. The stock has a market capitalization of $362.39 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Evercore ISI lifted their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Barclays upped their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.