Foundations Investment Advisors LLC Acquires 1,599 Shares of Bank of America Co. (NYSE:BAC)

Foundations Investment Advisors LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 3.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,703 shares of the financial services provider’s stock after buying an additional 1,599 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Bank of America were worth $2,228,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Driehaus Capital Management LLC raised its stake in Bank of America by 56.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 21,993 shares of the financial services provider’s stock valued at $875,000 after acquiring an additional 7,964 shares during the period. Regal Investment Advisors LLC raised its position in shares of Bank of America by 2.3% in the second quarter. Regal Investment Advisors LLC now owns 47,468 shares of the financial services provider’s stock valued at $1,888,000 after purchasing an additional 1,060 shares during the period. Advisory Alpha LLC lifted its stake in shares of Bank of America by 6.2% during the 2nd quarter. Advisory Alpha LLC now owns 25,974 shares of the financial services provider’s stock valued at $1,033,000 after buying an additional 1,513 shares in the last quarter. Granite Bay Wealth Management LLC bought a new position in Bank of America in the 2nd quarter worth approximately $7,349,000. Finally, SPC Financial Inc. boosted its holdings in Bank of America by 7.4% in the 2nd quarter. SPC Financial Inc. now owns 27,460 shares of the financial services provider’s stock worth $1,092,000 after buying an additional 1,883 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $46.88 on Wednesday. The stock has a market capitalization of $359.70 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The company has a fifty day moving average of $45.82 and a 200-day moving average of $42.67. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. 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 posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.67 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Keefe, Bruyette & Woods increased their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Morgan Stanley lifted their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, Truist Financial boosted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. One 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’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.