Flywheel Private Wealth LLC Makes New $256,000 Investment in Bank of America Co. (NYSE:BAC)

Flywheel Private Wealth LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 5,825 shares of the financial services provider’s stock, valued at approximately $256,000.

A number of other hedge funds have also recently modified their holdings of the company. WealthPLAN Partners LLC raised its position in shares of Bank of America by 2.6% during the 2nd quarter. WealthPLAN Partners LLC now owns 28,826 shares of the financial services provider’s stock valued at $1,146,000 after buying an additional 717 shares during the period. Edgestream Partners L.P. purchased a new stake in Bank of America in the second quarter valued at $257,000. Bradley Foster & Sargent Inc. CT lifted its stake in shares of Bank of America by 1.7% in the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 275,411 shares of the financial services provider’s stock valued at $10,953,000 after purchasing an additional 4,723 shares during the last quarter. E Fund Management Co. Ltd. grew its holdings in shares of Bank of America by 16.3% during the 2nd quarter. E Fund Management Co. Ltd. now owns 45,322 shares of the financial services provider’s stock worth $1,802,000 after purchasing an additional 6,355 shares during the period. Finally, Meridian Wealth Partners LLC increased its position in shares of Bank of America by 7.7% during the 2nd quarter. Meridian Wealth Partners LLC now owns 8,303 shares of the financial services provider’s stock worth $330,000 after purchasing an additional 595 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 3.2 %

Shares of NYSE BAC opened at $47.23 on Thursday. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08. The company 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. 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 business has a 50-day moving average of $45.69 and a two-hundred day moving average of $42.31.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 earnings per share. On average, analysts forecast that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have commented on BAC shares. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Morgan Stanley lowered shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $48.00 to $55.00 in a report on Monday, December 9th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Barclays upped their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.