Contravisory Investment Management Inc. Decreases Position in Bank of America Co. (NYSE:BAC)

Contravisory Investment Management Inc. lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 0.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 217,311 shares of the financial services provider’s stock after selling 366 shares during the period. Bank of America makes up approximately 2.0% of Contravisory Investment Management Inc.’s holdings, making the stock its 13th largest holding. Contravisory Investment Management Inc.’s holdings in Bank of America were worth $9,551,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Kennebec Savings Bank bought a new stake in shares of Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its stake in shares of Bank of America by 152.7% during the fourth 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 period. Christopher J. Hasenberg Inc grew its holdings 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 during the last quarter. Northwest Investment Counselors LLC purchased a new position in Bank of America in the 3rd quarter worth about $45,000. Finally, Truvestments Capital LLC bought a new stake in Bank of America during the 3rd quarter valued at about $73,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 3.2 %

BAC opened at $47.23 on Thursday. 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’s 50 day simple moving average is $45.69 and its two-hundred day simple moving average is $42.31. The firm has a market capitalization of $362.39 billion, a price-to-earnings ratio of 17.17, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS 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 fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on BAC shares. 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 research note on Monday, December 9th. Oppenheimer dropped their price objective on Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Finally, HSBC upgraded 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 report on Tuesday, January 7th. 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 issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.