Bank of America Co. (NYSE:BAC) Shares Sold by Carnegie Investment Counsel

Carnegie Investment Counsel trimmed its holdings in Bank of America Co. (NYSE:BAC) by 5.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 235,801 shares of the financial services provider’s stock after selling 12,526 shares during the period. Carnegie Investment Counsel’s holdings in Bank of America were worth $10,363,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC lifted its stake in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc grew its holdings in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the last quarter. Northwest Investment Counselors LLC purchased a new position in Bank of America during the third quarter worth $45,000. Finally, Truvestments Capital LLC acquired a new position in shares of Bank of America in the third quarter worth $73,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 1.0 %

BAC opened at $46.65 on Friday. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08. The firm has a 50 day moving average price of $45.72 and a 200 day moving average price of $42.34. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $357.91 billion, a PE ratio of 16.96, 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 earnings per share. Sell-side analysts expect that Bank of America Co. will post 3.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. 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. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $48.00 to $55.00 in a research note on Monday, December 9th. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Piper Sandler increased their price target on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $48.18.

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.