Empirical Asset Management LLC Acquires 14,576 Shares of Bank of America Co. (NYSE:BAC)

Empirical Asset Management LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 47.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,096 shares of the financial services provider’s stock after buying an additional 14,576 shares during the period. Empirical Asset Management LLC’s holdings in Bank of America were worth $1,982,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kennebec Savings Bank bought a new position in shares of Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC boosted its stake in shares of Bank of America by 152.7% in 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 grew its holdings in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the period. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the third quarter worth $45,000. Finally, Truvestments Capital LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at about $73,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Evercore ISI lowered their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Down 0.2 %

BAC opened at $46.54 on Friday. The stock has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a twelve month low of $31.40 and a twelve month high of $48.08. The company has a 50-day simple moving average of $45.76 and a 200 day simple moving average of $42.37.

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

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.