Bank of America Co. (NYSE:BAC) Holdings Raised by Channel Wealth LLC

Channel Wealth LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 3.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 10,071 shares of the financial services provider’s stock after purchasing an additional 359 shares during the period. Channel Wealth LLC’s holdings in Bank of America were worth $443,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Kennebec Savings Bank bought a new position in Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC increased its stake in shares of 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 worth $37,000 after purchasing an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc raised its holdings in shares of 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 purchasing an additional 852 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at $45,000. Finally, Truvestments Capital LLC bought a new stake in Bank of America in the third quarter worth $73,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Truist Financial began coverage on Bank of America in a report on Tuesday, January 7th. They set a “buy” rating and a $52.00 target price on the stock. Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $48.00 to $55.00 in a report on Monday, December 9th. Evercore ISI upped their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. 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. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.18.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $46.65 on Friday. 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’s fifty day moving average price is $45.72 and its two-hundred day moving average price is $42.34. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The stock has a market capitalization of $357.91 billion, a price-to-earnings ratio of 16.96, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results 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. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.70 EPS. As a group, analysts predict that Bank of America Co. will post 3.24 EPS 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.