Manning & Napier Advisors LLC Has $46.19 Million Stake in Bank of America Co. (NYSE:BAC)

Manning & Napier Advisors LLC reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 10.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,051,067 shares of the financial services provider’s stock after selling 125,001 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Bank of America were worth $46,194,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BAC. Driehaus Capital Management LLC grew its stake in shares of Bank of America by 56.8% during the second quarter. Driehaus Capital Management LLC now owns 21,993 shares of the financial services provider’s stock worth $875,000 after buying an additional 7,964 shares during the last quarter. Regal Investment Advisors LLC raised its holdings in Bank of America by 2.3% in the 2nd quarter. Regal Investment Advisors LLC now owns 47,468 shares of the financial services provider’s stock valued at $1,888,000 after buying an additional 1,060 shares during the last quarter. Advisory Alpha LLC raised its holdings in Bank of America by 6.2% in the 2nd quarter. Advisory Alpha LLC now owns 25,974 shares of the financial services provider’s stock valued at $1,033,000 after buying an additional 1,513 shares during the last quarter. Granite Bay Wealth Management LLC bought a new position in Bank of America in the 2nd quarter valued at approximately $7,349,000. Finally, SPC Financial Inc. raised its holdings in Bank of America by 7.4% in the 2nd quarter. SPC Financial Inc. now owns 27,460 shares of the financial services provider’s stock valued at $1,092,000 after buying an additional 1,883 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.9 %

Shares of BAC stock traded up $0.43 during trading hours on Wednesday, reaching $47.27. 3,234,171 shares of the company’s stock were exchanged, compared to its average volume of 36,439,086. The stock has a market cap of $362.68 billion, a PE ratio of 14.67, a PEG ratio of 1.24 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The stock’s fifty day moving average price is $45.83 and its two-hundred day moving average price is $42.70.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 earnings per share. Research analysts predict that Bank of America Co. will post 3.67 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on BAC shares. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Piper Sandler dropped their price objective on 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. Truist Financial increased their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. 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 report on Friday, November 15th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently 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.