Selective Wealth Management Inc. Sells 1,365 Shares of Bank of America Co. (NYSE:BAC)

Selective Wealth Management Inc. lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 9.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 13,770 shares of the financial services provider’s stock after selling 1,365 shares during the period. Selective Wealth Management Inc.’s holdings in Bank of America were worth $630,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in BAC. Accent Capital Management LLC lifted its position in shares of Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after buying an additional 11,873 shares during the last quarter. Summit Global Investments raised its stake in Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares during the period. Geode Capital Management LLC lifted its holdings in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Baker Avenue Asset Management LP boosted its position in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. purchased a new position in shares of Bank of America in the third quarter worth about $550,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $46.54 on Friday. The firm has a market capitalization of $357.13 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. 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 $31.40 and a 12 month high of $48.08. The business’s 50-day moving average price is $45.76 and its 200-day moving average price is $42.37.

Bank of America (NYSE:BAC) last issued its quarterly 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 business 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%. During the same period last year, the business earned $0.70 earnings per share. The business’s quarterly revenue was up 15.0% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on BAC. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Truist Financial raised 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. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays raised their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.