Sterling Investment Counsel LLC Sells 1,190 Shares of Bank of America Co. (NYSE:BAC)

Sterling Investment Counsel LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 16.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,143 shares of the financial services provider’s stock after selling 1,190 shares during the quarter. Sterling Investment Counsel LLC’s holdings in Bank of America were worth $270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Griffin Asset Management Inc. increased its position in Bank of America by 5.4% during the fourth quarter. Griffin Asset Management Inc. now owns 343,197 shares of the financial services provider’s stock valued at $15,084,000 after acquiring an additional 17,579 shares during the last quarter. YHB Investment Advisors Inc. lifted its stake in shares of Bank of America by 32.0% in the 4th quarter. YHB Investment Advisors Inc. now owns 20,285 shares of the financial services provider’s stock worth $892,000 after purchasing an additional 4,921 shares during the period. Buffington Mohr McNeal boosted its holdings in shares of Bank of America by 1.1% in the fourth quarter. Buffington Mohr McNeal now owns 197,468 shares of the financial services provider’s stock worth $8,679,000 after buying an additional 2,229 shares during the last quarter. Nilsine Partners LLC grew its position in Bank of America by 15.1% during the fourth quarter. Nilsine Partners LLC now owns 31,741 shares of the financial services provider’s stock valued at $1,395,000 after buying an additional 4,166 shares during the period. Finally, Berkshire Bank increased its holdings in Bank of America by 1.5% during the fourth quarter. Berkshire Bank now owns 74,167 shares of the financial services provider’s stock valued at $3,260,000 after buying an additional 1,119 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Truist Financial lifted their target price 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. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Piper Sandler lowered their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Up 1.2 %

BAC opened at $47.06 on Tuesday. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. 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 stock has a 50-day moving average of $45.82 and a 200 day moving average of $42.63. The firm has a market cap of $361.10 billion, a P/E ratio of 14.62, a P/E/G ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 EPS. As a group, research analysts forecast that Bank of America Co. will post 3.67 EPS for the current year.

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.