Jeppson Wealth Management LLC Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

Jeppson Wealth Management LLC cut its stake in Bank of America Co. (NYSE:BAC) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,626 shares of the financial services provider’s stock after selling 281 shares during the period. Bank of America comprises about 0.9% of Jeppson Wealth Management LLC’s holdings, making the stock its 25th largest holding. Jeppson Wealth Management LLC’s holdings in Bank of America were worth $2,357,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Two Sigma Advisers LP boosted its position in shares of Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after acquiring an additional 10,175,100 shares in the last quarter. KBC Group NV lifted its stake in Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after purchasing an additional 5,493,817 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after purchasing an additional 5,015,378 shares in the last quarter. International Assets Investment Management LLC increased its stake in Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares during the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in Bank of America during the third quarter worth approximately $174,858,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on BAC shares. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Evercore ISI cut their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One equities research 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Up 1.2 %

Bank of America stock opened at $47.06 on Tuesday. The stock’s 50 day moving average price is $45.82 and its 200 day moving average price is $42.63. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The company has a market cap of $361.10 billion, a PE ratio of 14.62, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

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

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.