Folger Nolan Fleming Douglas Capital Management Inc. Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Folger Nolan Fleming Douglas Capital Management Inc. decreased its holdings in Bank of America Co. (NYSE:BAC) by 8.7% in the fourth quarter, Holdings Channel reports. The firm owned 34,774 shares of the financial services provider’s stock after selling 3,325 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Bank of America were worth $1,528,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Retirement Wealth Solutions LLC purchased a new stake in Bank of America in the fourth quarter valued at about $42,000. LongView Wealth Management increased its holdings in shares of Bank of America by 12.3% in the fourth quarter. LongView Wealth Management now owns 12,823 shares of the financial services provider’s stock valued at $564,000 after purchasing an additional 1,408 shares during the period. Brooklyn Investment Group raised its position in Bank of America by 8.3% during the 4th quarter. Brooklyn Investment Group now owns 33,180 shares of the financial services provider’s stock worth $1,458,000 after buying an additional 2,550 shares during the last quarter. Sax Wealth Advisors LLC acquired a new position in Bank of America during the fourth quarter valued at $546,000. Finally, Merit Financial Group LLC boosted its holdings in Bank of America by 34.7% in the fourth quarter. Merit Financial Group LLC now owns 135,385 shares of the financial services provider’s stock valued at $5,950,000 after purchasing an additional 34,881 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

NYSE:BAC opened at $46.54 on Friday. The company has a market capitalization of $357.13 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $31.40 and a 52 week high of $48.08. The stock’s fifty day moving average is $45.76 and its two-hundred day moving average is $42.37.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS 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 analysts’ expectations of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. Equities analysts expect that Bank of America Co. will post 3.24 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BAC. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. 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. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday. Barclays upped their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Oppenheimer raised their price target 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. One research analyst has rated the stock with a sell rating, six have given 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, the stock currently has a consensus 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.