Harbor Investment Advisory LLC Lowers Stock Position in Bank of America Co. (NYSE:BAC)

Harbor Investment Advisory LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 0.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 102,155 shares of the financial services provider’s stock after selling 921 shares during the quarter. Harbor Investment Advisory LLC’s holdings in Bank of America were worth $4,490,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Kennebec Savings Bank purchased a new stake in Bank of America during the third quarter worth approximately $29,000. Highline Wealth Partners LLC raised its holdings in Bank of America by 152.7% during the fourth 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. Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $42,000. Christopher J. Hasenberg Inc grew its position in shares of 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 buying an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America in the third quarter valued at $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

BAC opened at $46.54 on Tuesday. Bank of America Co. has a 12 month low of $31.40 and a 12 month 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 50-day moving average of $45.79 and a two-hundred day moving average of $42.44. The stock has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33.

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. 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 for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the company posted $0.70 EPS. The company’s revenue was up 15.0% compared to the same quarter last year. On average, research analysts expect that Bank of America Co. will post 3.24 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BAC shares. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods boosted their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price 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.