AMI Investment Management Inc. Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

AMI Investment Management Inc. reduced its stake in Bank of America Co. (NYSE:BAC) by 5.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 82,481 shares of the financial services provider’s stock after selling 4,666 shares during the quarter. Bank of America accounts for approximately 1.2% of AMI Investment Management Inc.’s portfolio, making the stock its 29th biggest position. AMI Investment Management Inc.’s holdings in Bank of America were worth $3,625,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Edgestream Partners L.P. bought a new position in shares of Bank of America in the second quarter valued at approximately $257,000. Benjamin F. Edwards & Company Inc. boosted its position in Bank of America by 7.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock worth $3,887,000 after purchasing an additional 6,385 shares during the last quarter. Pacer Advisors Inc. grew its stake in Bank of America by 2.7% in the 2nd quarter. Pacer Advisors Inc. now owns 484,549 shares of the financial services provider’s stock valued at $19,271,000 after purchasing an additional 12,611 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of Bank of America by 186.7% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 66,881 shares of the financial services provider’s stock valued at $2,660,000 after purchasing an additional 43,552 shares during the last quarter. Finally, Hancock Whitney Corp raised its stake in shares of Bank of America by 0.6% during the 2nd quarter. Hancock Whitney Corp now owns 90,518 shares of the financial services provider’s stock worth $3,600,000 after purchasing an additional 508 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Piper Sandler decreased their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Evercore ISI cut 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 analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.54 on Monday. The company’s 50-day moving average is $45.79 and its 200 day moving average is $42.43. 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 stock has a market capitalization 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. Bank of America Co. has a 1 year low of $31.40 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly 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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the firm earned $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, sell-side 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.