Market Street Wealth Management Advisors LLC Takes $255,000 Position in Bank of America Co. (NYSE:BAC)

Market Street Wealth Management Advisors LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,799 shares of the financial services provider’s stock, valued at approximately $255,000.

A number of other large investors have also recently bought and sold shares of BAC. Mount Yale Investment Advisors LLC boosted its stake in Bank of America by 20.7% during the 2nd quarter. Mount Yale Investment Advisors LLC now owns 7,557 shares of the financial services provider’s stock valued at $301,000 after purchasing an additional 1,297 shares during the period. Mill Creek Capital Advisors LLC raised its holdings in shares of Bank of America by 10.3% during the second quarter. Mill Creek Capital Advisors LLC now owns 8,883 shares of the financial services provider’s stock valued at $353,000 after buying an additional 827 shares during the last quarter. Wescott Financial Advisory Group LLC raised its holdings in shares of Bank of America by 2.1% during the second quarter. Wescott Financial Advisory Group LLC now owns 14,851 shares of the financial services provider’s stock valued at $591,000 after buying an additional 311 shares during the last quarter. Zurich Insurance Group Ltd FI boosted its position in shares of Bank of America by 70.1% during the second quarter. Zurich Insurance Group Ltd FI now owns 3,641,002 shares of the financial services provider’s stock worth $144,803,000 after buying an additional 1,501,073 shares during the period. Finally, Fred Alger Management LLC grew its holdings in Bank of America by 4.8% in the 2nd quarter. Fred Alger Management LLC now owns 187,002 shares of the financial services provider’s stock worth $7,437,000 after buying an additional 8,570 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC stock opened at $45.80 on Thursday. The firm has a 50 day simple moving average of $45.81 and a 200 day simple moving average of $42.55. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. The stock has a market cap of $351.41 billion, a P/E ratio of 14.22, a P/E/G ratio of 1.27 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. Research analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BAC. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Wells Fargo & Company upped their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. Barclays increased their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Piper Sandler dropped their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently 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.