Avior Wealth Management LLC Trims Stake in Bank of America Co. (NYSE:BAC)

Avior Wealth Management LLC lowered its position in Bank of America Co. (NYSE:BAC) by 34.6% in the 4th quarter, Holdings Channel reports. The firm owned 85,849 shares of the financial services provider’s stock after selling 45,463 shares during the quarter. Avior Wealth Management LLC’s holdings in Bank of America were worth $3,773,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings in 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 acquiring an additional 1,700,141 shares during the period. Legal & General Group Plc lifted its position in shares of 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 purchasing an additional 895,884 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of 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 purchasing an additional 1,731,003 shares during the period. Sanders Capital LLC grew its holdings 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 purchasing an additional 601,211 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. increased its stake in Bank of America by 0.4% in 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 buying an additional 59,853 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.8 %

Shares of NYSE:BAC opened at $45.80 on Thursday. The business’s 50-day moving average is $45.81 and its 200 day moving average is $42.55. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The firm has a market capitalization of $351.41 billion, a P/E ratio of 14.22, a P/E/G ratio of 1.27 and a beta of 1.33.

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 firm 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 14.10% and a return on equity of 10.29%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. On average, research analysts predict that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Wells Fargo & Company raised their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Oppenheimer upped their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, Barclays raised their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. 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 company presently has an average rating of “Moderate Buy” and a consensus 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.