USA Financial Formulas Sells 14,732 Shares of Bank of America Co. (NYSE:BAC)

USA Financial Formulas lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 35.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,358 shares of the financial services provider’s stock after selling 14,732 shares during the period. USA Financial Formulas’ holdings in Bank of America were worth $1,158,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Kennebec Savings Bank bought a new stake in Bank of America during the third quarter worth $29,000. Highline Wealth Partners LLC lifted its stake in 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 purchasing an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc grew its holdings in Bank of America by 525.9% during the third 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 during the period. Northwest Investment Counselors LLC acquired a new position in Bank of America during the third quarter worth approximately $45,000. Finally, Truvestments Capital LLC bought a new stake in Bank of America in the 3rd quarter valued at $73,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BAC shares. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $48.00 to $55.00 in a research report on Monday, December 9th. Evercore ISI raised their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Piper Sandler raised their target price on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Up 3.2 %

BAC stock opened at $47.23 on Thursday. The stock’s 50 day simple moving average is $45.69 and its 200 day simple moving average is $42.31. The company has a market cap of $362.39 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the firm earned $0.90 earnings per share. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

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.