Whitaker Myers Wealth Managers LTD. Makes New Investment in Bank of America Co. (NYSE:BAC)

Whitaker Myers Wealth Managers LTD. acquired a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 8,861 shares of the financial services provider’s stock, valued at approximately $389,000.

Several other large investors also recently made changes to their positions in BAC. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC raised 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 acquiring an additional 510 shares during the period. Christopher J. Hasenberg Inc raised its stake 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 valued at $40,000 after acquiring an additional 852 shares during the period. Retirement Wealth Solutions LLC bought a new stake in Bank of America in the 4th quarter valued at $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America in the 3rd quarter valued at $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Oppenheimer increased 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, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

NYSE:BAC opened at $46.54 on Friday. The stock’s 50-day simple moving average is $45.79 and its 200 day simple moving average is $42.42. The firm has a market capitalization of $357.13 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. 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 Co. has a twelve month low of $31.40 and a twelve month high of $48.08.

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, beating 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 return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue was up 15.0% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. On average, analysts anticipate that Bank of America Co. will post 3.24 EPS for the current fiscal year.

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.