Bank of America Co. (NYSE:BAC) Stock Position Lifted by Wallington Asset Management LLC

Wallington Asset Management LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 1.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 268,208 shares of the financial services provider’s stock after acquiring an additional 4,800 shares during the period. Bank of America accounts for 1.7% of Wallington Asset Management LLC’s investment portfolio, making the stock its 27th biggest holding. Wallington Asset Management LLC’s holdings in Bank of America were worth $11,788,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Kennebec Savings Bank bought a new stake in shares of Bank of America in the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC lifted its stake in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc lifted its stake in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the last quarter. Retirement Wealth Solutions LLC bought a new position in Bank of America during the fourth quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth about $45,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $46.54 on Friday. The firm’s 50 day moving average price is $45.76 and its two-hundred day moving average price is $42.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a twelve month low of $31.40 and a twelve month high of $48.08. The firm has a market cap of $357.13 billion, a P/E ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the company earned $0.70 earnings per share. On average, analysts forecast that Bank of America Co. will post 3.24 EPS for the current fiscal year.

Analyst Ratings Changes

BAC has been the topic of a number of research analyst reports. Barclays raised their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Oppenheimer upped their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday. Finally, Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Company 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.