Bank of America Co. (NYSE:BAC) Shares Sold by MCF Advisors LLC

MCF Advisors LLC reduced its position in Bank of America Co. (NYSE:BAC) by 4.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 46,242 shares of the financial services provider’s stock after selling 2,312 shares during the quarter. MCF Advisors LLC’s holdings in Bank of America were worth $2,032,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Edgestream Partners L.P. acquired a new stake in shares of Bank of America in the second quarter valued at approximately $257,000. Mount Yale Investment Advisors LLC raised its holdings in shares of Bank of America by 20.7% during the 2nd quarter. Mount Yale Investment Advisors LLC now owns 7,557 shares of the financial services provider’s stock worth $301,000 after acquiring an additional 1,297 shares during the period. Lombard Odier Asset Management Europe Ltd acquired a new position in shares of Bank of America during the 2nd quarter valued at about $2,731,000. Providence Capital Advisors LLC grew its holdings in shares of Bank of America by 0.7% in the second quarter. Providence Capital Advisors LLC now owns 251,780 shares of the financial services provider’s stock valued at $10,013,000 after purchasing an additional 1,739 shares during the period. Finally, Samlyn Capital LLC acquired a new stake in Bank of America during the second quarter worth about $73,440,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.3 %

Shares of Bank of America stock opened at $46.65 on Wednesday. The company has a fifty day simple moving average of $45.80 and a 200-day simple moving average of $42.48. Bank of America Co. has a 12-month low of $32.32 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market cap of $357.92 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 1.26 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping 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 company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the company posted $0.70 earnings per share. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAC. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

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.