Apella Capital LLC Acquires 463 Shares of Bank of America Co. (NYSE:BAC)

Apella Capital LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 4.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,333 shares of the financial services provider’s stock after purchasing an additional 463 shares during the quarter. Apella Capital LLC’s holdings in Bank of America were worth $498,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BAC. Founders Grove Wealth Partners LLC bought a new position in Bank of America in the fourth quarter valued at about $218,000. Park Avenue Securities LLC grew its holdings in shares of Bank of America by 21.2% during the fourth quarter. Park Avenue Securities LLC now owns 156,256 shares of the financial services provider’s stock worth $6,867,000 after purchasing an additional 27,383 shares during the last quarter. Kathmere Capital Management LLC raised its holdings in Bank of America by 9.7% in the 4th quarter. Kathmere Capital Management LLC now owns 33,815 shares of the financial services provider’s stock valued at $1,486,000 after buying an additional 2,978 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its position in Bank of America by 6.0% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 190,461 shares of the financial services provider’s stock valued at $8,371,000 after acquiring an additional 10,826 shares during the period. Finally, Floyd Financial Group LLC acquired a new position in shares of Bank of America during the fourth quarter worth $589,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 3.2 %

Shares of BAC opened at $47.23 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12-month low of $31.27 and a 12-month high of $48.08. The business’s 50 day moving average is $45.69 and its 200 day moving average is $42.31. The company has a market capitalization of $362.39 billion, a PE 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 announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 EPS. Research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. HSBC upgraded 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. Piper Sandler boosted their target price on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Truist Financial assumed coverage on Bank of America in a research note on Tuesday, January 7th. They issued a “buy” rating and a $52.00 price objective for the company. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

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.