Charter Oak Capital Management LLC Has $263,000 Position in Bank of America Co. (NYSE:BAC)

Charter Oak Capital Management LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 10.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 5,989 shares of the financial services provider’s stock after selling 710 shares during the quarter. Charter Oak Capital Management LLC’s holdings in Bank of America were worth $263,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Kennebec Savings Bank bought a new position in Bank of America during the third quarter worth about $29,000. Highline Wealth Partners LLC boosted its stake in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC bought a new stake in Bank of America in the fourth quarter valued at $42,000. Christopher J. Hasenberg Inc raised its stake in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the third quarter valued at $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 1.2 %

NYSE:BAC opened at $47.06 on Tuesday. The firm has a market capitalization of $361.10 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The business’s 50-day moving average price is $45.82 and its two-hundred day moving average price is $42.63. 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 released its quarterly earnings data 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 business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.70 EPS. On average, equities analysts expect that Bank of America Co. will post 3.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on BAC shares. Citigroup upgraded 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. Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. 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 report on Friday, January 17th. Finally, Barclays increased their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.