Andina Capital Management LLC Makes New $220,000 Investment in Bank of America Co. (NYSE:BAC)

Andina Capital Management LLC bought a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,000 shares of the financial services provider’s stock, valued at approximately $220,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Duncan Williams Asset Management LLC acquired a new stake in Bank of America during the 4th quarter worth about $339,000. Precedent Wealth Partners LLC lifted its position in shares of Bank of America by 1.2% in the fourth quarter. Precedent Wealth Partners LLC now owns 34,264 shares of the financial services provider’s stock worth $1,506,000 after purchasing an additional 400 shares in the last quarter. Patton Albertson Miller Group LLC boosted its holdings in shares of Bank of America by 1.7% during the fourth quarter. Patton Albertson Miller Group LLC now owns 151,977 shares of the financial services provider’s stock worth $6,679,000 after purchasing an additional 2,548 shares during the period. Juncture Wealth Strategies LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $214,000. Finally, AEGON ASSET MANAGEMENT UK Plc increased its stake in Bank of America by 2.7% in the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 400,162 shares of the financial services provider’s stock valued at $17,595,000 after buying an additional 10,453 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BAC. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Truist Financial upped their target price 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. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods boosted their target price 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Up 0.2 %

Shares of Bank of America stock opened at $46.48 on Friday. The company has a market cap of $356.60 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The company’s fifty day simple moving average is $45.82 and its 200-day simple moving average is $42.61. 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 (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the firm posted $0.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Co. will post 3.67 EPS for the current 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.