Bank of America Co. (NYSE:BAC) Shares Sold by Lincoln Capital Corp

Lincoln Capital Corp cut its stake in shares of Bank of America Co. (NYSE:BAC) by 10.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,958 shares of the financial services provider’s stock after selling 1,307 shares during the quarter. Lincoln Capital Corp’s holdings in Bank of America were worth $482,000 as of its most recent SEC filing.

Other hedge funds 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 third 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 buying an additional 1,700,141 shares during the last quarter. Legal & General Group Plc grew 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 valued at $2,288,347,000 after purchasing an additional 895,884 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after acquiring an additional 1,731,003 shares during the last quarter. Sanders Capital LLC grew its stake in shares of Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after buying an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its holdings 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 valued at $676,264,000 after purchasing an additional 59,853 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 1.4 %

NYSE BAC opened at $46.41 on Friday. The stock has a market capitalization of $356.13 billion, a PE ratio of 14.41, a PEG ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. 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 (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the firm earned $0.70 earnings per share. Bank of America’s revenue was up 15.0% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Morgan Stanley increased their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Evercore ISI dropped their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. Finally, Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned 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.com, Bank of America 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.