Grant GrossMendelsohn LLC Has $822,000 Position in Bank of America Co. (NYSE:BAC)

Grant GrossMendelsohn LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 35.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,693 shares of the financial services provider’s stock after selling 10,476 shares during the period. Grant GrossMendelsohn LLC’s holdings in Bank of America were worth $822,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Kennebec Savings Bank bought a new stake in shares of Bank of America in the third quarter worth $29,000. Highline Wealth Partners LLC lifted its holdings in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the period. Christopher J. Hasenberg Inc grew its position in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the last quarter. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the third quarter valued at about $45,000. Finally, Truvestments Capital LLC bought a new position in shares of Bank of America during the third quarter worth about $73,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

BAC stock opened at $46.54 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $357.13 billion, a PE ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. The business has a 50 day moving average of $45.76 and a 200-day moving average of $42.37. Bank of America Co. has a 12-month low of $31.40 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. As a group, sell-side analysts expect that Bank of America Co. will post 3.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BAC has been the subject of several analyst reports. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Piper Sandler lowered their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday. Morgan Stanley boosted their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.