First Citizens Bank & Trust Co. Has $8.68 Million Position in Bank of America Co. (NYSE:BAC)

First Citizens Bank & Trust Co. lessened its position in shares of Bank of America Co. (NYSE:BAC) by 5.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 197,557 shares of the financial services provider’s stock after selling 10,686 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Bank of America were worth $8,683,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Kennebec Savings Bank bought a new position in shares of Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC grew its stake in 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 buying an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc lifted its stake in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the last quarter. Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $45,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $46.48 on Friday. 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 stock has a market cap of $356.60 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The firm has a 50-day moving average of $45.82 and a two-hundred day moving average of $42.61. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.70 earnings per share. On average, research analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. 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. Finally, Oppenheimer lifted their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Bank of America currently has an average 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.