TrueWealth Advisors LLC Sells 821 Shares of Bank of America Co. (NYSE:BAC)

TrueWealth Advisors LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 8.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,716 shares of the financial services provider’s stock after selling 821 shares during the quarter. TrueWealth Advisors LLC’s holdings in Bank of America were worth $383,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares in the last quarter. Legal & General Group Plc increased its position in Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after buying an additional 895,884 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after buying an additional 1,731,003 shares in the last quarter. Sanders Capital LLC lifted its position in shares of Bank of America by 2.8% in the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after buying an additional 601,211 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its stake in shares of Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after acquiring an additional 59,853 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.2 %

BAC opened at $46.54 on Friday. Bank of America Co. has a fifty-two week low of $31.40 and a fifty-two week high of $48.08. The company has a market capitalization of $357.13 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm’s fifty day moving average price is $45.76 and its two-hundred day moving average price is $42.37.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BAC. Morgan Stanley raised their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday. Piper Sandler reduced their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday. Evercore ISI lowered their target price 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. Oppenheimer boosted their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.58.

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.