MKT Advisors LLC Purchases 1,690 Shares of Bank of America Co. (NYSE:BAC)

MKT Advisors LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 20.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 9,866 shares of the financial services provider’s stock after purchasing an additional 1,690 shares during the quarter. MKT Advisors LLC’s holdings in Bank of America were worth $459,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Accent Capital Management LLC boosted its position in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after acquiring an additional 11,873 shares during the period. Summit Global Investments raised 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 purchasing an additional 36,089 shares in the last quarter. Geode Capital Management LLC boosted 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 valued at $5,546,871,000 after purchasing an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP grew its position 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 purchasing an additional 33,983 shares in the last quarter. Finally, Copley Financial Group Inc. bought a new position in shares of Bank of America during the third quarter worth approximately $550,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Piper Sandler cut their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Truist Financial raised their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Morgan Stanley upped their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Up 0.2 %

Shares of BAC opened at $46.48 on Friday. The stock’s 50-day moving average price is $45.82 and its two-hundred day moving average price is $42.61. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The company has a market capitalization of $356.60 billion, a PE ratio of 14.43, a PEG 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 (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business 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 business posted $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. 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.