McLean Asset Management Corp Acquires 903 Shares of Bank of America Co. (NYSE:BAC)

McLean Asset Management Corp grew its holdings in Bank of America Co. (NYSE:BAC) by 3.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 29,624 shares of the financial services provider’s stock after purchasing an additional 903 shares during the quarter. McLean Asset Management Corp’s holdings in Bank of America were worth $1,302,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Accent Capital Management LLC grew its position in Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares in the last quarter. Summit Global Investments lifted its stake in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after buying an additional 36,089 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares during the last quarter. Baker Avenue Asset Management LP lifted its stake in shares of Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares during the last quarter. Finally, Copley Financial Group Inc. acquired a new stake in shares of Bank of America in the third quarter worth $550,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 0.2 %

BAC opened at $46.48 on Monday. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The firm has a 50-day moving average price of $45.82 and a two-hundred day moving average price of $42.63. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $356.60 billion, a PE ratio of 14.43, a PEG ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the company earned $0.70 EPS. Bank of America’s revenue was up 15.0% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on BAC. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Barclays upped their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.