Bank of America Co. (NYSE:BAC) Shares Sold by Chesley Taft & Associates LLC

Chesley Taft & Associates LLC cut its stake in Bank of America Co. (NYSE:BAC) by 0.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,627 shares of the financial services provider’s stock after selling 600 shares during the period. Chesley Taft & Associates LLC’s holdings in Bank of America were worth $4,950,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Traveka Wealth LLC grew its position in shares of Bank of America by 2.7% during the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 226 shares during the last quarter. Longfellow Investment Management Co. LLC boosted its stake in Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the period. Beacon Investment Advisory Services Inc. grew its position in Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 231 shares during the last quarter. Gemmer Asset Management LLC raised its holdings in shares of Bank of America by 1.8% during the fourth quarter. Gemmer Asset Management LLC now owns 13,183 shares of the financial services provider’s stock valued at $579,000 after buying an additional 235 shares during the last quarter. Finally, Integrity Financial Corp WA boosted its position in shares of Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after buying an additional 240 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of BAC opened at $46.54 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $31.40 and a 12 month high of $48.08. The company’s fifty day moving average is $45.80 and its 200-day moving average is $42.48. The firm has a market cap of $357.13 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33.

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. 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 research note on Friday. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. One research 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 stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Company 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.