Bank of America Co. (NYSE:BAC) Position Decreased by AdvisorNet Financial Inc

AdvisorNet Financial Inc reduced its holdings in Bank of America Co. (NYSE:BAC) by 15.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,816 shares of the financial services provider’s stock after selling 8,996 shares during the quarter. AdvisorNet Financial Inc’s holdings in Bank of America were worth $2,102,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in BAC. Fairway Wealth LLC acquired a new stake in Bank of America during the 2nd quarter worth about $27,000. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC lifted its position in shares of Bank of America by 152.7% in the 4th 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 in the last quarter. Christopher J. Hasenberg Inc grew its position in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America during the 3rd quarter valued at $45,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Barclays raised their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Piper Sandler increased their price target on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Keefe, Bruyette & Woods increased 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 research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Trading Up 1.8 %

Shares of BAC stock opened at $45.88 on Wednesday. The business’s 50 day moving average is $45.69 and its two-hundred day moving average is $42.31. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The company has a market cap of $352.03 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the firm posted $0.90 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Company 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.