Bank of America Co. (NYSE:BAC) Holdings Trimmed by Triangle Securities Wealth Management

Triangle Securities Wealth Management reduced its position in shares of Bank of America Co. (NYSE:BAC) by 4.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,543 shares of the financial services provider’s stock after selling 3,180 shares during the quarter. Triangle Securities Wealth Management’s holdings in Bank of America were worth $3,188,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Two Sigma Advisers LP grew its stake in shares of Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after buying an additional 10,175,100 shares in the last quarter. 1832 Asset Management L.P. increased its stake in shares of Bank of America by 1,432.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Bank of America by 193.4% during the 3rd 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 boosted its holdings 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 worth $1,804,560,000 after purchasing an additional 4,423,215 shares in the last quarter. Finally, D1 Capital Partners L.P. bought a new position in Bank of America during the third quarter valued at about $174,858,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

BAC stock opened at $46.54 on Friday. Bank of America Co. has a 52 week low of $31.40 and a 52 week high of $48.08. The company has a market cap of $357.13 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a 50-day simple moving average of $45.79 and a 200 day simple moving average of $42.42.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 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 quarter in the previous year, the company posted $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.24 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on BAC. Piper Sandler lowered their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.