Bank of America Co. (NYSE:BAC) Shares Sold by SignalPoint Asset Management LLC

SignalPoint Asset Management LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,252 shares of the financial services provider’s stock after selling 437 shares during the quarter. SignalPoint Asset Management LLC’s holdings in Bank of America were worth $1,505,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kennebec Savings Bank purchased a new position in Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC boosted its holdings in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the period. Christopher J. Hasenberg Inc boosted its holdings in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares during the period. Northwest Investment Counselors LLC purchased a new position in Bank of America during the 3rd quarter valued at about $45,000. Finally, Truvestments Capital LLC purchased a new position in Bank of America during the 3rd quarter valued at about $73,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Barclays lifted their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Price Performance

Bank of America stock opened at $47.23 on Thursday. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business has a 50 day simple moving average of $45.69 and a 200-day simple moving average of $42.31. The stock has a market capitalization of $362.39 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business earned $0.70 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities analysts predict that Bank of America Co. will post 3.24 earnings per share for the current year.

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.