Miles Capital Inc. lowered its holdings in shares of Bank of America Corp (NYSE:BAC) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,671 shares of the financial services provider’s stock after selling 706 shares during the period. Miles Capital Inc.’s holdings in Bank of America were worth $904,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Arjuna Capital raised its stake in shares of Bank of America by 1.9% during the 2nd quarter. Arjuna Capital now owns 51,588 shares of the financial services provider’s stock worth $1,496,000 after acquiring an additional 956 shares in the last quarter. Pictet Asset Management Ltd. lifted its holdings in shares of Bank of America by 3.4% during the second quarter. Pictet Asset Management Ltd. now owns 4,370,138 shares of the financial services provider’s stock worth $126,734,000 after purchasing an additional 144,700 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Bank of America during the second quarter worth about $218,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bank of America by 35.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock worth $2,165,116,000 after purchasing an additional 19,688,816 shares during the period. Finally, Andra AP fonden raised its holdings in shares of Bank of America by 36.3% during the second quarter. Andra AP fonden now owns 159,100 shares of the financial services provider’s stock worth $4,614,000 after purchasing an additional 42,400 shares during the last quarter. Hedge funds and other institutional investors own 69.21% of the company’s stock.
Several equities research analysts have commented on the company. BMO Capital Markets lowered Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 price objective on the stock. in a research report on Thursday, January 2nd. Barclays upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 price objective for the company in a research report on Monday, January 6th. Citigroup increased their price objective on shares of Bank of America from $29.00 to $37.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Morgan Stanley reiterated a “buy” rating and issued a $38.00 target price (up previously from $35.00) on shares of Bank of America in a research report on Monday, November 18th. Finally, UBS Group cut shares of Bank of America from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $34.00 to $36.00 in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $34.99.
Shares of Bank of America stock traded down $0.35 on Tuesday, reaching $34.36. The company had a trading volume of 14,946,896 shares, compared to its average volume of 36,845,160. The firm’s 50 day moving average price is $34.65 and its two-hundred day moving average price is $31.02. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 52-week low of $26.21 and a 52-week high of $35.72. The firm has a market cap of $309.03 billion, a PE ratio of 12.54, a PEG ratio of 1.27 and a beta of 1.64.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.05. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. The firm had revenue of $22.30 billion during the quarter, compared to analysts’ expectations of $22.30 billion. During the same quarter last year, the company posted $0.70 EPS. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Corp will post 3.05 EPS for the current year.
In other Bank of America news, Director Frank P. Bramble sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total value of $203,645.00. Following the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,566,500. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is owned by insiders.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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