AMI Investment Management Inc. Sells 4,666 Shares of Bank of America Co. (NYSE:BAC)

AMI Investment Management Inc. trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 5.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,481 shares of the financial services provider’s stock after selling 4,666 shares during the quarter. Bank of America makes up about 1.2% of AMI Investment Management Inc.’s portfolio, making the stock its 29th largest holding. AMI Investment Management Inc.’s holdings in Bank of America were worth $3,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Kennebec Savings Bank bought a new position in shares of Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC increased its holdings 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 raised its position in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America during the fourth quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the third quarter valued at about $45,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $46.54 on Monday. Bank of America Co. has a 1 year low of $31.40 and a 1 year high of $48.08. The stock 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’s 50-day moving average is $45.79 and its 200-day moving average is $42.43. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the firm posted $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on BAC shares. Truist Financial upped their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Evercore ISI decreased their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $48.58.

About Bank of America

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.