MCF Advisors LLC Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

MCF Advisors LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 46,242 shares of the financial services provider’s stock after selling 2,312 shares during the period. MCF Advisors LLC’s holdings in Bank of America were worth $2,032,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Accent Capital Management LLC boosted its position in Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after acquiring an additional 11,873 shares in the last quarter. Summit Global Investments boosted its position in Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares in the last quarter. Geode Capital Management LLC grew its stake in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Baker Avenue Asset Management LP raised its holdings in Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares in the last quarter. Finally, Copley Financial Group Inc. purchased a new stake in shares of Bank of America during the third quarter valued at about $550,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Royal Bank of Canada restated 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, Oppenheimer increased their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. One equities 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Up 0.3 %

BAC stock opened at $46.65 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $32.32 and a 52-week high of $48.08. The company’s 50-day simple moving average is $45.80 and its 200-day simple moving average is $42.48. The firm has a market cap of $357.92 billion, a P/E ratio of 14.49, a PEG ratio of 1.26 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted 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 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the business earned $0.70 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Co. will post 3.67 EPS for the current fiscal year.

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.