Bank of America Co. (NYSE:BAC) Stake Cut by Simon Quick Advisors LLC

Simon Quick Advisors LLC cut its position in Bank of America Co. (NYSE:BAC) by 1.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 398,121 shares of the financial services provider’s stock after selling 6,787 shares during the quarter. Bank of America comprises 1.0% of Simon Quick Advisors LLC’s holdings, making the stock its 20th biggest position. Simon Quick Advisors LLC’s holdings in Bank of America were worth $17,497,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kennebec Savings Bank acquired a new stake in Bank of America in the third quarter worth about $29,000. Highline Wealth Partners LLC lifted its stake in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Christopher J. Hasenberg Inc lifted its stake in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the period. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the third quarter valued at approximately $45,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $46.65 on Wednesday. The business’s 50-day moving average is $45.80 and its 200-day moving average is $42.48. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $357.92 billion, a price-to-earnings ratio of 14.49, a P/E/G ratio of 1.26 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $32.32 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the business earned $0.70 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BAC shares. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Wells Fargo & Company upped their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Evercore ISI lowered their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. One investment 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 company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target 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.