Sterling Investment Counsel LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Sterling Investment Counsel LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 16.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,143 shares of the financial services provider’s stock after selling 1,190 shares during the quarter. Sterling Investment Counsel LLC’s holdings in Bank of America were worth $270,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of BAC. Two Sigma Advisers LP lifted its holdings in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after buying an additional 10,175,100 shares in the last quarter. KBC Group NV increased its position in shares of Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after acquiring an additional 5,493,817 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after acquiring an additional 5,015,378 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares during the period. Finally, D1 Capital Partners L.P. bought a new position in Bank of America in the third quarter worth approximately $174,858,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.2 %

NYSE:BAC opened at $47.06 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a fifty day simple moving average of $45.82 and a 200-day simple moving average of $42.63. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The company has a market capitalization of $361.10 billion, a P/E ratio of 14.62, a PEG ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on BAC. 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. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. 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. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.