Rockland Trust Co. Sells 5,015 Shares of Bank of America Co. (NYSE:BAC)

Rockland Trust Co. lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 4.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 114,624 shares of the financial services provider’s stock after selling 5,015 shares during the period. Rockland Trust Co.’s holdings in Bank of America were worth $5,038,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Fairway Wealth LLC bought a new stake in Bank of America during the 2nd quarter valued at $27,000. Kennebec Savings Bank purchased a new position in shares of Bank of America during the third quarter valued at $29,000. Highline Wealth Partners LLC lifted its stake in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. 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 acquiring an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC bought a new position in Bank of America during the 3rd quarter worth about $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several research reports. Keefe, Bruyette & Woods upped their price target on shares of 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 lowered Bank of America from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $48.00 to $55.00 in a report on Monday, December 9th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Truist Financial began coverage on shares of Bank of America in a report on Tuesday, January 7th. They issued a “buy” rating and a $52.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Up 1.8 %

NYSE:BAC opened at $45.88 on Wednesday. The firm has a market capitalization of $352.03 billion, a P/E ratio of 16.68, a PEG ratio of 1.55 and a beta of 1.33. The company’s fifty day moving average price is $45.69 and its 200-day moving average price is $42.31. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The company’s revenue was up .4% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America 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.