Orca Wealth Management LLC bought a new position in Bank of America Co. (NYSE:BAC) during the fourth quarter, Holdings Channel reports. The fund bought 34,963 shares of the financial services provider’s stock, valued at approximately $1,537,000. Bank of America makes up 1.4% of Orca Wealth Management LLC’s portfolio, making the stock its 26th biggest holding.
Other institutional investors and hedge funds have also bought and sold shares of the company. Marino Stram & Associates LLC lifted its holdings in Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 222 shares in the last quarter. Traveka Wealth LLC increased its position in Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares during the last quarter. Longfellow Investment Management Co. LLC increased its position in Bank of America by 0.6% in the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. boosted its stake in Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after buying an additional 231 shares during the period. Finally, Southland Equity Partners LLC boosted its stake in Bank of America by 2.6% during the fourth quarter. Southland Equity Partners LLC now owns 9,016 shares of the financial services provider’s stock worth $396,000 after buying an additional 231 shares during the period. 70.71% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on BAC shares. Evercore ISI lowered their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. 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. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Morgan Stanley upped their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Finally, Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One equities 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.
Bank of America Stock Down 0.4 %
NYSE BAC opened at $46.88 on Wednesday. The firm has a market cap of $359.70 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. The stock’s 50 day simple moving average is $45.82 and its 200 day simple moving average is $42.67. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.70 EPS. As a group, sell-side analysts forecast that Bank of America Co. will post 3.67 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.
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