Lincoln Capital Corp Cuts Holdings in Bank of America Co. (NYSE:BAC)

Lincoln Capital Corp decreased its position in shares of Bank of America Co. (NYSE:BAC) by 10.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 10,958 shares of the financial services provider’s stock after selling 1,307 shares during the quarter. Lincoln Capital Corp’s holdings in Bank of America were worth $482,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in BAC. Fred Alger Management LLC grew its stake in Bank of America by 4.8% during the second quarter. Fred Alger Management LLC now owns 187,002 shares of the financial services provider’s stock valued at $7,437,000 after acquiring an additional 8,570 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in Bank of America during the second quarter valued at $182,000. AQR Capital Management LLC boosted its position in shares of Bank of America by 26.8% during the second quarter. AQR Capital Management LLC now owns 6,979,594 shares of the financial services provider’s stock valued at $276,252,000 after buying an additional 1,473,322 shares during the period. Employees Retirement System of Texas increased its stake in Bank of America by 27.3% in the second quarter. Employees Retirement System of Texas now owns 93,145 shares of the financial services provider’s stock worth $3,704,000 after purchasing an additional 19,970 shares during the period. Finally, Drucker Wealth 3.0 LLC purchased a new position in Bank of America in the 2nd quarter worth about $594,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $46.41 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08. The firm has a 50 day moving average of $45.81 and a two-hundred day moving average of $42.55. The firm has a market capitalization of $356.13 billion, a PE ratio of 14.41, a P/E/G ratio of 1.24 and a beta of 1.33.

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

Wall Street Analyst Weigh In

BAC has been the subject of several recent research reports. Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. UBS Group raised shares of 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. Morgan Stanley boosted 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 note on Friday, January 17th. Evercore ISI cut their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. 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 issued 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 price target 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.