Riversedge Advisors LLC Raises Holdings in Bank of America Co. (NYSE:BAC)

Riversedge Advisors LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 4.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,866 shares of the financial services provider’s stock after buying an additional 438 shares during the period. Riversedge Advisors LLC’s holdings in Bank of America were worth $434,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kennebec Savings Bank purchased a new position in shares of Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its stake in Bank of America by 152.7% in the fourth 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 holdings in Bank of America by 525.9% in 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 last quarter. Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America during the fourth quarter worth $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the 3rd quarter valued at $45,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. Truist Financial upped their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Evercore ISI cut their price target 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. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Down 0.2 %

Shares of Bank of America stock opened at $46.54 on Friday. The company has a market cap of $357.13 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. 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 debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a 50-day simple moving average of $45.79 and a two-hundred day simple moving average of $42.42.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) 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 the consensus estimate of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue was up 15.0% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. As a group, equities analysts predict 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.