Precedent Wealth Partners LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Precedent Wealth Partners LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 1.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 34,264 shares of the financial services provider’s stock after acquiring an additional 400 shares during the period. Precedent Wealth Partners LLC’s holdings in Bank of America were worth $1,506,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Kennebec Savings Bank acquired a new position in Bank of America in the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC lifted its holdings in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc grew its position in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the period. Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the fourth quarter worth $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America in the third quarter valued at $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.2 %

BAC stock opened at $46.48 on Friday. The stock has a market cap of $356.60 billion, a P/E ratio of 14.43, a PEG ratio of 1.24 and a beta of 1.33. 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 twelve month low of $32.35 and a twelve month high of $48.08. The company’s 50 day moving average is $45.82 and its two-hundred day moving average is $42.61.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating 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 firm 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 company earned $0.70 earnings per share. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on BAC shares. Oppenheimer lifted their price target 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. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday, October 18th. Piper Sandler lowered their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Finally, Evercore ISI cut their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America 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.