Bank of America Co. (NYSE:BAC) Holdings Decreased by RMR Wealth Builders

RMR Wealth Builders lessened its holdings in Bank of America Co. (NYSE:BAC) by 55.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,679 shares of the financial services provider’s stock after selling 30,751 shares during the quarter. RMR Wealth Builders’ holdings in Bank of America were worth $1,085,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its position in 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 worth $37,000 after acquiring an additional 510 shares during the period. Christopher J. Hasenberg Inc grew its stake in shares of Bank of America by 525.9% in the third 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 in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the third quarter valued at $45,000. Finally, Truvestments Capital LLC bought a new stake in shares of Bank of America during the third quarter valued at about $73,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $47.23 on Thursday. The firm has a fifty day moving average price of $45.69 and a two-hundred day moving average price of $42.31. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $362.39 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Analysts expect that Bank of America Co. will post 3.24 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Barclays raised their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Oppenheimer dropped their target price on Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Piper Sandler upped their target price on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Evercore ISI upped their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.50.

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.