Sandy Cove Advisors LLC Has $370,000 Stock Position in Bank of America Co. (NYSE:BAC)

Sandy Cove Advisors LLC increased its position in Bank of America Co. (NYSE:BAC) by 10.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 8,427 shares of the financial services provider’s stock after purchasing an additional 796 shares during the quarter. Sandy Cove Advisors LLC’s holdings in Bank of America were worth $370,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Kennebec Savings Bank acquired a new stake in Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC lifted its holdings 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 worth $37,000 after purchasing an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC bought a new stake in Bank of America during the 4th quarter valued at $42,000. Christopher J. Hasenberg Inc raised its holdings in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America in the third quarter valued at $45,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.2 %

Shares of BAC stock opened at $46.54 on Friday. Bank of America Co. has a 1 year low of $31.40 and a 1 year high of $48.08. The company’s fifty day simple moving average is $45.79 and its two-hundred day simple moving average is $42.42. 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 stock has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for 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 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. As a group, analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of analyst reports. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Piper Sandler lowered their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday. Evercore ISI cut their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday. Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday. Finally, HSBC raised 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. One equities research analyst has rated the stock with a sell rating, six have assigned 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.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $48.58.

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.