Zhang Financial LLC Boosts Position in Bank of America Co. (NYSE:BAC)

Zhang Financial LLC lifted its position in Bank of America Co. (NYSE:BAC) by 151.0% in the fourth quarter, HoldingsChannel reports. The firm owned 21,918 shares of the financial services provider’s stock after buying an additional 13,185 shares during the period. Zhang Financial LLC’s holdings in Bank of America were worth $963,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kennebec Savings Bank acquired a new position in shares of Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC raised its holdings in 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 buying an additional 510 shares during the period. Retirement Wealth Solutions LLC acquired a new position in Bank of America in the fourth quarter valued at about $42,000. Christopher J. Hasenberg Inc boosted its stake 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 period. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the third quarter valued at about $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $46.54 on Monday. The company 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. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 1 year low of $31.40 and a 1 year high of $48.08. The company’s 50 day simple moving average is $45.79 and its 200 day simple moving average is $42.43.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during 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 revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.70 EPS. On average, sell-side analysts predict that Bank of America Co. will post 3.24 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BAC shares. Oppenheimer lifted their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday. Barclays boosted their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Finally, Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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.