MinichMacGregor Wealth Management LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

MinichMacGregor Wealth Management LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,297 shares of the financial services provider’s stock, valued at approximately $277,000.

Several other large investors also recently made changes to their positions in the stock. Kennebec Savings Bank acquired a new position in Bank of America in the 3rd quarter worth $29,000. Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc boosted its position in shares of 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. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America during the fourth quarter worth about $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America in the 3rd quarter valued at approximately $45,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.8 %

Shares of BAC stock opened at $45.80 on Thursday. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08. The company has a market capitalization of $351.41 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The firm has a 50 day moving average price of $45.81 and a two-hundred day moving average price of $42.55. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

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

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. Morgan Stanley raised their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. 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. Truist Financial boosted their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Wells Fargo & Company raised their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Oppenheimer upped their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. One 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. According to MarketBeat.com, Bank of America 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.