Ballast Inc. Sells 3,314 Shares of Bank of America Co. (NYSE:BAC)

Ballast Inc. decreased its position in Bank of America Co. (NYSE:BAC) by 7.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,755 shares of the financial services provider’s stock after selling 3,314 shares during the quarter. Ballast Inc.’s holdings in Bank of America were worth $1,791,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Delta Capital Management LLC increased its stake in shares of Bank of America by 0.5% in the fourth quarter. Delta Capital Management LLC now owns 85,650 shares of the financial services provider’s stock worth $3,764,000 after purchasing an additional 420 shares during the period. My Legacy Advisors LLC increased its position in Bank of America by 9.2% in the 4th quarter. My Legacy Advisors LLC now owns 11,115 shares of the financial services provider’s stock worth $523,000 after buying an additional 940 shares during the period. Maiden Cove Capital LLC lifted its holdings in shares of Bank of America by 5.3% during the fourth quarter. Maiden Cove Capital LLC now owns 16,062 shares of the financial services provider’s stock worth $706,000 after buying an additional 806 shares during the last quarter. Kelly Financial Services LLC bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $209,000. Finally, Clarius Group LLC grew its stake in shares of Bank of America by 2.7% in the fourth quarter. Clarius Group LLC now owns 63,578 shares of the financial services provider’s stock worth $2,794,000 after acquiring an additional 1,662 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Morgan Stanley boosted 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. One research analyst has rated the stock with a sell rating, six have given 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 has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Down 0.2 %

NYSE:BAC opened at $46.54 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1-year low of $31.40 and a 1-year high of $48.08. The firm has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The business’s 50-day moving average price is $45.79 and its two-hundred day moving average price is $42.42.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period last year, the firm 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 expect that Bank of America Co. will post 3.24 earnings per share for the current year.

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.