Summit Financial Strategies Inc. Reduces Stake in Bank of America Co. (NYSE:BAC)

Summit Financial Strategies Inc. cut its stake in shares of Bank of America Co. (NYSE:BAC) by 8.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 7,776 shares of the financial services provider’s stock after selling 721 shares during the period. Summit Financial Strategies Inc.’s holdings in Bank of America were worth $342,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Kennebec Savings Bank purchased a new stake in Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC raised its position in shares of 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 worth $37,000 after buying an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new position in Bank of America during the fourth quarter worth about $42,000. Christopher J. Hasenberg Inc increased its stake in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the 3rd quarter valued at about $45,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BAC shares. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

NYSE:BAC opened at $46.48 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The stock has a market cap of $356.60 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The firm’s fifty day simple moving average is $45.82 and its 200 day simple moving average is $42.63.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the firm posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, research analysts predict that Bank of America Co. will post 3.67 EPS for the current 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.