Sax Wealth Advisors LLC Takes Position in Bank of America Co. (NYSE:BAC)

Sax Wealth Advisors LLC purchased a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,417 shares of the financial services provider’s stock, valued at approximately $546,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Edgestream Partners L.P. bought a new position in shares of Bank of America in the 2nd quarter worth about $257,000. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Bank of America by 7.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock valued at $3,887,000 after purchasing an additional 6,385 shares during the last quarter. Bridges Investment Management Inc. bought a new stake in shares of Bank of America in the 2nd quarter worth approximately $1,796,000. Pacer Advisors Inc. grew its stake in shares of Bank of America by 2.7% in the 2nd quarter. Pacer Advisors Inc. now owns 484,549 shares of the financial services provider’s stock worth $19,271,000 after buying an additional 12,611 shares during the last quarter. Finally, Summit Trail Advisors LLC increased its position in Bank of America by 49.0% during the 2nd quarter. Summit Trail Advisors LLC now owns 137,956 shares of the financial services provider’s stock valued at $5,487,000 after buying an additional 45,398 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.54 on Friday. Bank of America Co. has a 12-month low of $31.40 and a 12-month high of $48.08. The firm has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a 50 day moving average of $45.79 and a 200 day moving average of $42.42.

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, beating 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 firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the firm posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, research analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on BAC. Truist Financial increased their target price on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. 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 raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus 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.