Gateway Investment Advisers LLC Buys 25,070 Shares of Bank of America Co. (NYSE:BAC)

Gateway Investment Advisers LLC boosted its position in Bank of America Co. (NYSE:BAC) by 1.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,132,413 shares of the financial services provider’s stock after acquiring an additional 25,070 shares during the quarter. Bank of America accounts for approximately 1.0% of Gateway Investment Advisers LLC’s portfolio, making the stock its 18th largest holding. Gateway Investment Advisers LLC’s holdings in Bank of America were worth $93,720,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BAC. Traveka Wealth LLC raised its position in Bank of America by 2.7% during the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 226 shares during the period. Longfellow Investment Management Co. LLC increased its position in shares of Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. raised its holdings in Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after buying an additional 231 shares during the period. Integrity Financial Corp WA lifted its position in Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after buying an additional 240 shares during the last quarter. Finally, Cahill Financial Advisors Inc. boosted its stake in Bank of America by 2.1% during the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock worth $485,000 after buying an additional 249 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.4 %

NYSE:BAC traded down $0.19 during trading hours on Thursday, reaching $46.91. The company’s stock had a trading volume of 6,944,582 shares, compared to its average volume of 33,251,766. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $359.93 billion, a P/E ratio of 17.06, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The stock has a 50 day moving average price of $45.69 and a two-hundred day moving average price of $42.31. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. 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 $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities analysts predict that Bank of America Co. will post 3.24 EPS for the current fiscal year.

Analyst Ratings Changes

BAC has been the topic of several recent analyst reports. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Piper Sandler increased their price objective 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. Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $48.00 to $55.00 in a research note on Monday, December 9th. Finally, Barclays raised their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.