Atomi Financial Group Inc. Buys 7,956 Shares of Bank of America Co. (NYSE:BAC)

Atomi Financial Group Inc. lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 5.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 151,844 shares of the financial services provider’s stock after acquiring an additional 7,956 shares during the quarter. Atomi Financial Group Inc.’s holdings in Bank of America were worth $6,674,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kennebec Savings Bank bought a new position in Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC raised its stake in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc lifted its holdings in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the period. Retirement Wealth Solutions LLC acquired a new position in Bank of America in the fourth quarter valued at $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America during the third quarter valued at $45,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.2 %

Shares of NYSE:BAC opened at $46.54 on Tuesday. Bank of America Co. has a 1 year low of $31.40 and a 1 year high of $48.08. The company has a market capitalization of $357.13 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The business has a fifty day moving average price of $45.80 and a two-hundred day moving average price of $42.48. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick 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 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 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 firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.70 earnings per share. Analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Piper Sandler dropped their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.