E Fund Management Hong Kong Co. Ltd. Invests $70,000 in Bank of America Co. (NYSE:BAC)

E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,592 shares of the financial services provider’s stock, valued at approximately $70,000.

Other hedge funds have also added to or reduced their stakes in the company. Kennebec Savings Bank bought a new position in shares of Bank of America in the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC boosted its holdings 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 valued at $37,000 after buying an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc grew its stake in shares of 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 valued at $40,000 after buying an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new position in Bank of America during the fourth quarter worth $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America during the third quarter worth $45,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.2 %

NYSE BAC opened at $46.48 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $356.60 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 1.24 and a beta of 1.33. The company has a 50 day moving average of $45.82 and a 200-day moving average of $42.62. 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 posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates 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 revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.70 EPS. On average, equities research analysts expect that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BAC shares. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Morgan Stanley upped their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Oppenheimer lifted their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America 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.