Bank of America Co. (NYSE:BAC) Shares Purchased by True North Advisors LLC

True North Advisors LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 405.3% during the 4th quarter, HoldingsChannel reports. The fund owned 101,735 shares of the financial services provider’s stock after acquiring an additional 81,603 shares during the period. Bank of America accounts for 1.1% of True North Advisors LLC’s portfolio, making the stock its 15th largest position. True North Advisors LLC’s holdings in Bank of America were worth $4,471,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Accent Capital Management LLC lifted its stake in shares of Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after purchasing an additional 11,873 shares in the last quarter. Summit Global Investments increased its position 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 acquiring an additional 36,089 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP lifted its holdings in shares of Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after acquiring an additional 33,983 shares in the last quarter. Finally, Copley Financial Group Inc. purchased a new stake in Bank of America during the 3rd quarter worth $550,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. 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 report on Friday, November 15th. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.80 on Thursday. The company has a market capitalization of $351.41 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.27 and a beta of 1.33. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. 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 firm has a 50-day moving average of $45.81 and a two-hundred day moving average of $42.52.

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 for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business posted $0.70 EPS. As a group, analysts expect that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

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.