Clear Harbor Asset Management LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Clear Harbor Asset Management LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 4.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,484 shares of the financial services provider’s stock after buying an additional 1,200 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Bank of America were worth $1,208,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Perpetual Ltd grew its position in shares of Bank of America by 180.5% during the fourth quarter. Perpetual Ltd now owns 162,215 shares of the financial services provider’s stock worth $7,129,000 after acquiring an additional 104,381 shares during the last quarter. Aspiriant LLC grew its position in Bank of America by 4.6% during the 4th quarter. Aspiriant LLC now owns 36,278 shares of the financial services provider’s stock worth $1,594,000 after purchasing an additional 1,588 shares during the last quarter. Ballentine Partners LLC raised its holdings in shares of Bank of America by 2.4% in the fourth quarter. Ballentine Partners LLC now owns 146,331 shares of the financial services provider’s stock valued at $6,431,000 after buying an additional 3,422 shares during the last quarter. ZWJ Investment Counsel Inc. boosted its stake in shares of Bank of America by 0.9% during the fourth quarter. ZWJ Investment Counsel Inc. now owns 67,959 shares of the financial services provider’s stock worth $2,987,000 after buying an additional 638 shares during the period. Finally, Pure Financial Advisors LLC grew its holdings in shares of Bank of America by 10.6% during the fourth quarter. Pure Financial Advisors LLC now owns 31,429 shares of the financial services provider’s stock worth $1,381,000 after buying an additional 3,005 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.65 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The business’s fifty day moving average price is $45.80 and its two-hundred day moving average price is $42.48. The stock has a market cap of $357.92 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. Bank of America Co. has a one year low of $32.32 and a one year high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 EPS. On average, analysts forecast that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BAC. Piper Sandler decreased 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, January 17th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Truist Financial upped their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Finally, Evercore ISI cut their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.