Retirement Wealth Solutions LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Retirement Wealth Solutions LLC purchased a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 941 shares of the financial services provider’s stock, valued at approximately $42,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Two Sigma Advisers LP grew its holdings in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares during the last quarter. 1832 Asset Management L.P. boosted its position in shares of Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after buying an additional 5,749,567 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares during the period. Finally, D1 Capital Partners L.P. bought a new stake in shares of Bank of America during the 3rd quarter worth approximately $174,858,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

Shares of BAC stock opened at $46.54 on Friday. The stock’s fifty day moving average price is $45.76 and its 200 day moving average price is $42.37. Bank of America Co. has a 1-year low of $31.40 and a 1-year high of $48.08. The company has a market cap of $357.13 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAC. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday. Morgan Stanley lifted their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price 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.