Trivant Custom Portfolio Group LLC Sells 1,171 Shares of Bank of America Co. (NYSE:BAC)

Trivant Custom Portfolio Group LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 1.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 87,885 shares of the financial services provider’s stock after selling 1,171 shares during the period. Bank of America comprises about 2.3% of Trivant Custom Portfolio Group LLC’s holdings, making the stock its 15th largest position. Trivant Custom Portfolio Group LLC’s holdings in Bank of America were worth $3,863,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Retirement Wealth Solutions LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $42,000. LongView Wealth Management lifted its stake in Bank of America by 12.3% during the 4th quarter. LongView Wealth Management now owns 12,823 shares of the financial services provider’s stock valued at $564,000 after acquiring an additional 1,408 shares in the last quarter. Brooklyn Investment Group boosted its holdings in Bank of America by 8.3% during the 4th quarter. Brooklyn Investment Group now owns 33,180 shares of the financial services provider’s stock worth $1,458,000 after acquiring an additional 2,550 shares during the last quarter. Sax Wealth Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter worth $546,000. Finally, Merit Financial Group LLC raised its holdings in shares of Bank of America by 34.7% in the fourth quarter. Merit Financial Group LLC now owns 135,385 shares of the financial services provider’s stock valued at $5,950,000 after purchasing an additional 34,881 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Bank of America stock opened at $46.54 on Friday. The firm has a market capitalization of $357.13 billion, a P/E ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. Bank of America Co. has a one year low of $31.40 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day moving average price of $45.76 and a 200-day moving average price of $42.37.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the company earned $0.70 EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Co. will post 3.24 EPS for the current year.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Morgan Stanley upped their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has an average 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.