Bank of America Co. (NYSE:BAC) Shares Sold by Wesbanco Bank Inc.

Wesbanco Bank Inc. lowered its holdings in Bank of America Co. (NYSE:BAC) by 11.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 35,293 shares of the financial services provider’s stock after selling 4,497 shares during the quarter. Wesbanco Bank Inc.’s holdings in Bank of America were worth $1,551,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Accent Capital Management LLC boosted its position in shares of Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after buying an additional 11,873 shares in the last quarter. Summit Global Investments grew its stake in Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after acquiring an additional 36,089 shares during the period. Geode Capital Management LLC increased its stake in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Baker Avenue Asset Management LP lifted its holdings in shares of Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after acquiring an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. purchased a new stake in Bank of America in the third quarter valued at approximately $550,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $46.41 on Friday. The stock has a market capitalization of $356.13 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 1.27 and a beta of 1.33. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. The company’s 50-day simple moving average is $45.81 and its 200-day simple moving average is $42.55. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 EPS. Equities analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

BAC has been the topic of several research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.