Bank of America Co. (NYSE:BAC) Holdings Trimmed by Wells Trecaso Financial Group LLC

Wells Trecaso Financial Group LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 12.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 6,376 shares of the financial services provider’s stock after selling 886 shares during the period. Wells Trecaso Financial Group LLC’s holdings in Bank of America were worth $280,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BAC. Two Sigma Advisers LP increased its holdings in shares of Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares during the period. International Assets Investment Management LLC boosted its position in Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares during the last quarter. D1 Capital Partners L.P. purchased a new position in Bank of America in the third quarter valued at about $174,858,000. Finally, Clearbridge Investments LLC increased its position in Bank of America by 23.6% in the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after purchasing an additional 3,109,197 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.4 %

Shares of BAC stock opened at $46.41 on Friday. The firm has a fifty day moving average of $45.81 and a 200-day moving average of $42.55. The stock has a market cap of $356.13 billion, a price-to-earnings ratio of 14.41, a P/E/G ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the company earned $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. Piper Sandler lowered their price target on 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. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. One research 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 stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

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.