Encompass More Asset Management Grows Holdings in Bank of America Co. (NYSE:BAC)

Encompass More Asset Management lifted its position in shares of Bank of America Co. (NYSE:BAC) by 11.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,686 shares of the financial services provider’s stock after buying an additional 884 shares during the quarter. Encompass More Asset Management’s holdings in Bank of America were worth $382,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Marino Stram & Associates LLC grew its position in shares of Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 222 shares during the period. Traveka Wealth LLC boosted its stake in Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 226 shares during the last quarter. Longfellow Investment Management Co. LLC lifted its position in shares of Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. grew its stake in Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 231 shares in the last quarter. Finally, Southland Equity Partners LLC increased its holdings in Bank of America by 2.6% in the fourth quarter. Southland Equity Partners LLC now owns 9,016 shares of the financial services provider’s stock valued at $396,000 after buying an additional 231 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $46.47 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $356.57 billion, a PE ratio of 14.40, a P/E/G ratio of 1.24 and a beta of 1.33. The business has a fifty day simple moving average of $45.81 and a 200-day simple moving average of $42.55. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the company posted $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities analysts predict that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. Piper Sandler dropped their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Truist Financial upped their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Oppenheimer raised their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Barclays raised their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.