Secure Asset Management LLC Sells 3,825 Shares of Bank of America Co. (NYSE:BAC)

Secure Asset Management LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 27.6% during the fourth quarter, HoldingsChannel reports. The firm owned 10,052 shares of the financial services provider’s stock after selling 3,825 shares during the quarter. Secure Asset Management LLC’s holdings in Bank of America were worth $442,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in BAC. Marino Stram & Associates LLC increased its position in Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after buying an additional 222 shares during the last quarter. Traveka Wealth LLC grew its stake in shares of Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 226 shares during the period. Longfellow Investment Management Co. LLC increased its holdings in Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after acquiring an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. raised its stake in Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after acquiring an additional 231 shares during the period. Finally, Gemmer Asset Management LLC lifted its holdings in Bank of America by 1.8% during the fourth quarter. Gemmer Asset Management LLC now owns 13,183 shares of the financial services provider’s stock valued at $579,000 after purchasing an additional 235 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $46.48 on Friday. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The company has a fifty day moving average of $45.82 and a 200-day moving average of $42.57. The company has a market capitalization of $356.60 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.24 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

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 (EPS) 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 analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 earnings per share. As a group, equities research analysts predict that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on BAC shares. Piper Sandler lowered their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. HSBC raised 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. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Evercore ISI decreased their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

About Bank of America

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.