Spring Capital Management LLC Purchases 1,262 Shares of Bank of America Co. (NYSE:BAC)

Spring Capital Management LLC boosted its position in Bank of America Co. (NYSE:BAC) by 7.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,005 shares of the financial services provider’s stock after acquiring an additional 1,262 shares during the period. Bank of America accounts for 0.5% of Spring Capital Management LLC’s investment portfolio, making the stock its 29th biggest position. Spring Capital Management LLC’s holdings in Bank of America were worth $791,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Kennebec Savings Bank purchased a new stake in Bank of America in the third quarter worth $29,000. Highline Wealth Partners LLC raised its holdings in Bank of America by 152.7% in 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 in the last quarter. Christopher J. Hasenberg Inc lifted its position 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 worth $40,000 after purchasing an additional 852 shares during the period. Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America during the 4th quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Bank of America during the third quarter valued at about $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on BAC shares. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Wells Fargo & Company upped their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One investment 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 stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Performance

Shares of BAC stock opened at $46.54 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a 50 day moving average price of $45.76 and a 200-day moving average price of $42.37. Bank of America Co. has a 52 week low of $31.40 and a 52 week high of $48.08. The firm has a market capitalization of $357.13 billion, a PE ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous 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, equities research analysts expect 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.