Stablepoint Partners LLC Trims Stake in Bank of America Co. (NYSE:BAC)

Stablepoint Partners LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 5.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,033 shares of the financial services provider’s stock after selling 475 shares during the quarter. Stablepoint Partners LLC’s holdings in Bank of America were worth $353,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Kennebec Savings Bank purchased a new stake in Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC increased its stake in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Christopher J. Hasenberg Inc raised its holdings in shares of 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 buying 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 worth about $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America in the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $46.48 on Monday. 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 stock has a market cap of $356.60 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The business has a fifty day moving average of $45.82 and a 200-day moving average of $42.62.

Bank of America (NYSE:BAC) last released its earnings results 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. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 EPS. As a group, analysts predict that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BAC shares. Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Evercore ISI reduced their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Barclays boosted their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price 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.