Motive Wealth Advisors Invests $238,000 in Bank of America Co. (NYSE:BAC)

Motive Wealth Advisors acquired a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,414 shares of the financial services provider’s stock, valued at approximately $238,000.

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

Analysts Set New Price Targets

BAC has been the subject of several analyst reports. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Oppenheimer raised their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Morgan Stanley upped their target price 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. Finally, Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

BAC opened at $46.41 on Friday. The firm has a 50 day moving average of $45.81 and a two-hundred day moving average of $42.55. The firm has a market capitalization of $356.13 billion, a PE ratio of 14.41, a P/E/G ratio of 1.24 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last announced 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. 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%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $0.70 EPS. On average, analysts anticipate that Bank of America Co. will post 3.67 EPS 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.