Perfromance Wealth Partners LLC Cuts Position in Bank of America Co. (NYSE:BAC)

Perfromance Wealth Partners LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 10.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,159 shares of the financial services provider’s stock after selling 2,066 shares during the quarter. Perfromance Wealth Partners LLC’s holdings in Bank of America were worth $754,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Kennebec Savings Bank acquired a new stake in Bank of America in the 3rd quarter valued at about $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 valued at $37,000 after acquiring an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new stake in Bank of America in the 4th quarter valued at about $42,000. Christopher J. Hasenberg Inc grew its stake in 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 valued at $40,000 after acquiring an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America in the 3rd quarter valued at about $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on BAC. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Truist Financial increased their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Oppenheimer raised their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Piper Sandler decreased their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Finally, Evercore ISI decreased their price target 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 research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Trading Up 0.3 %

NYSE BAC opened at $46.65 on Wednesday. Bank of America Co. has a one year low of $32.32 and a one year high of $48.08. The company’s 50 day moving average price is $45.80 and its 200 day moving average price is $42.48. 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 firm has a market capitalization of $357.92 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.70 earnings per share. On average, sell-side analysts predict that Bank of America Co. will post 3.67 EPS for the current year.

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.