Integrated Investment Consultants LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Integrated Investment Consultants LLC raised its position in Bank of America Co. (NYSE:BAC) by 96.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,462 shares of the financial services provider’s stock after purchasing an additional 34,065 shares during the quarter. Integrated Investment Consultants LLC’s holdings in Bank of America were worth $3,053,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Kennebec Savings Bank purchased a new position in Bank of America in the third quarter valued at approximately $29,000. Highline Wealth Partners LLC increased its position 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 worth $37,000 after acquiring an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc raised its stake in shares of Bank of America by 525.9% in 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. Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America during the 4th quarter valued at $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America during the 3rd quarter worth $45,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on BAC shares. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. StockNews.com raised Bank of America from a “sell” rating to a “hold” 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. Truist Financial boosted their target price 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. Finally, Evercore ISI lowered their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

BAC stock opened at $46.54 on Friday. The stock’s 50 day simple moving average is $45.76 and its 200 day simple moving average is $42.37. Bank of America Co. has a 12-month low of $31.40 and a 12-month high of $48.08. The firm has a market cap of $357.13 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. 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 company posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Co. will post 3.24 EPS for the current 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.