Riversedge Advisors LLC Raises Position in Bank of America Co. (NYSE:BAC)

Riversedge Advisors LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,866 shares of the financial services provider’s stock after buying an additional 438 shares during the period. Riversedge Advisors LLC’s holdings in Bank of America were worth $434,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Traveka Wealth LLC lifted its position in shares of Bank of America by 2.7% in the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after buying an additional 226 shares in the last quarter. Longfellow Investment Management Co. LLC grew its holdings in Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after buying an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. increased its stake in Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after acquiring an additional 231 shares during the last quarter. Integrity Financial Corp WA raised its holdings in shares of Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 240 shares in the last quarter. Finally, Cahill Financial Advisors Inc. boosted its position in shares of Bank of America by 2.1% during the 3rd quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after acquiring an additional 249 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on BAC shares. Truist Financial upped their price target 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. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods boosted their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $46.54 on Friday. The firm’s 50 day simple moving average is $45.79 and its 200-day simple moving average is $42.42. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a one year low of $31.40 and a one year high of $48.08. The firm has a market cap of $357.13 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the business posted $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, equities analysts predict that Bank of America Co. will post 3.24 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.