Paragon Financial Partners Inc. Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Paragon Financial Partners Inc. lowered its position in Bank of America Co. (NYSE:BAC) by 3.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,236 shares of the financial services provider’s stock after selling 970 shares during the period. Bank of America makes up about 1.0% of Paragon Financial Partners Inc.’s portfolio, making the stock its 19th largest position. Paragon Financial Partners Inc.’s holdings in Bank of America were worth $1,329,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Kelleher Financial Advisors grew its position in shares of Bank of America by 1.7% in the 4th quarter. Kelleher Financial Advisors now owns 35,815 shares of the financial services provider’s stock worth $1,574,000 after buying an additional 615 shares during the last quarter. Marino Stram & Associates LLC boosted its stake in Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after purchasing an additional 222 shares in the last quarter. Daymark Wealth Partners LLC boosted its stake in Bank of America by 6.3% in the 4th quarter. Daymark Wealth Partners LLC now owns 59,024 shares of the financial services provider’s stock worth $2,594,000 after purchasing an additional 3,496 shares in the last quarter. Madison Park Capital Advisors LLC boosted its stake in Bank of America by 4.4% in the 4th quarter. Madison Park Capital Advisors LLC now owns 7,747 shares of the financial services provider’s stock worth $340,000 after purchasing an additional 323 shares in the last quarter. Finally, Advisory Alpha LLC boosted its stake in Bank of America by 2.5% in the 4th quarter. Advisory Alpha LLC now owns 28,515 shares of the financial services provider’s stock worth $1,253,000 after purchasing an additional 698 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Piper Sandler lowered their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Oppenheimer lifted their target price 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. Finally, Barclays lifted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Performance

BAC opened at $45.80 on Thursday. 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 firm has a fifty day moving average price of $45.81 and a 200 day moving average price of $42.52. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. 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 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during 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 firm’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 EPS. Equities research analysts anticipate that Bank of America Co. will post 3.67 earnings per share 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.