Foundations Investment Advisors LLC Purchases 1,599 Shares of Bank of America Co. (NYSE:BAC)

Foundations Investment Advisors LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 3.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 50,703 shares of the financial services provider’s stock after buying an additional 1,599 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Bank of America were worth $2,228,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Driehaus Capital Management LLC lifted its holdings in Bank of America by 56.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 21,993 shares of the financial services provider’s stock worth $875,000 after buying an additional 7,964 shares during the period. Regal Investment Advisors LLC raised its holdings in shares of Bank of America by 2.3% during the second quarter. Regal Investment Advisors LLC now owns 47,468 shares of the financial services provider’s stock valued at $1,888,000 after acquiring an additional 1,060 shares in the last quarter. Advisory Alpha LLC lifted its stake in Bank of America by 6.2% in the second quarter. Advisory Alpha LLC now owns 25,974 shares of the financial services provider’s stock worth $1,033,000 after acquiring an additional 1,513 shares during the period. Granite Bay Wealth Management LLC bought a new stake in Bank of America in the second quarter valued at $7,349,000. Finally, SPC Financial Inc. increased its position in Bank of America by 7.4% during the 2nd quarter. SPC Financial Inc. now owns 27,460 shares of the financial services provider’s stock valued at $1,092,000 after purchasing an additional 1,883 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the topic of a number of research reports. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price objective 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. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Oppenheimer increased their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Down 0.4 %

Shares of NYSE:BAC opened at $46.88 on Wednesday. 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. The company has a market cap of $359.70 billion, a P/E ratio of 14.56, a PEG ratio of 1.24 and a beta of 1.33. The stock’s fifty day moving average price is $45.82 and its 200-day moving average price is $42.67.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm posted $0.70 EPS. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. Sell-side analysts expect that Bank of America Co. will post 3.67 earnings per share 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.