Cardinal Capital Management Inc. Reduces Stake in Bank of America Co. (NYSE:BAC)

Cardinal Capital Management Inc. decreased its position in shares of Bank of America Co. (NYSE:BAC) by 8.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,757 shares of the financial services provider’s stock after selling 675 shares during the quarter. Cardinal Capital Management Inc.’s holdings in Bank of America were worth $341,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of BAC. Geode Capital Management LLC grew its stake in shares of Bank of America by 1.2% in the 3rd 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 buying an additional 1,700,141 shares during the period. Legal & General Group Plc lifted its holdings in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after acquiring an additional 895,884 shares during the last quarter. Fisher Asset Management LLC grew its position in Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after acquiring an additional 1,731,003 shares during the period. Sanders Capital LLC increased its stake in Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after acquiring an additional 601,211 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its position in Bank of America by 0.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after purchasing an additional 59,853 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.8 %

Shares of NYSE:BAC opened at $45.80 on Thursday. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The stock has a 50-day simple moving average of $45.81 and a 200-day simple moving average of $42.55. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $351.41 billion, a P/E ratio of 14.22, a PEG ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm posted $0.70 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on BAC shares. Piper Sandler cut their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently 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.