Bank of America Co. (NYSE:BAC) Shares Sold by SignalPoint Asset Management LLC

SignalPoint Asset Management LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,252 shares of the financial services provider’s stock after selling 437 shares during the quarter. SignalPoint Asset Management LLC’s holdings in Bank of America were worth $1,505,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of BAC. Kennebec Savings Bank purchased a new stake in Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its position 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 worth $37,000 after purchasing an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc boosted its position in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in Bank of America in the 3rd quarter worth approximately $45,000. Finally, Truvestments Capital LLC purchased a new stake in Bank of America in the 3rd quarter worth approximately $73,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 3.2 %

Shares of BAC opened at $47.23 on Thursday. Bank of America Co. has a 52-week low of $31.27 and a 52-week high of $48.08. The company has a market capitalization of $362.39 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The stock has a fifty day simple moving average of $45.69 and a two-hundred day simple moving average of $42.31. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period last year, the company earned $0.70 EPS. As a group, equities analysts forecast that Bank of America Co. will post 3.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on BAC. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $48.00 to $55.00 in a research report on Monday, December 9th. Wells Fargo & Company upped their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Finally, Truist Financial started coverage on Bank of America in a research report on Tuesday, January 7th. They set a “buy” rating and a $52.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.