Rockland Trust Co. Decreases Stake in Bank of America Co. (NYSE:BAC)

Rockland Trust Co. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 4.2% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 114,624 shares of the financial services provider’s stock after selling 5,015 shares during the quarter. Rockland Trust Co.’s holdings in Bank of America were worth $5,038,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Fairway Wealth LLC bought a new stake in shares of Bank of America in the second quarter worth $27,000. Kennebec Savings Bank bought a new stake in shares of Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC increased its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc lifted its stake in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Bank of America in the third quarter worth approximately $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $45.88 on Wednesday. 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 stock’s fifty day moving average is $45.69 and its 200 day moving average is $42.31. The firm has a market capitalization of $352.03 billion, a PE ratio of 16.68, a PEG ratio of 1.55 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the business earned $0.90 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BAC. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research 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 target price for the stock from $48.00 to $55.00 in a report on Monday, December 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Company 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.