Carnegie Investment Counsel Decreases Stock Position in Bank of America Co. (NYSE:BAC)

Carnegie Investment Counsel lowered its position in shares of Bank of America Co. (NYSE:BAC) by 5.0% during the fourth quarter, HoldingsChannel reports. The firm owned 235,801 shares of the financial services provider’s stock after selling 12,526 shares during the period. Carnegie Investment Counsel’s holdings in Bank of America were worth $10,363,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BAC. Geode Capital Management LLC increased its stake 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 worth $5,546,871,000 after buying an additional 1,700,141 shares during the period. Legal & General Group Plc grew its stake 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 valued at $2,288,347,000 after acquiring an additional 895,884 shares in the last quarter. Fisher Asset Management LLC increased its position 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 worth $1,794,164,000 after acquiring an additional 1,731,003 shares during the last quarter. Sanders Capital LLC lifted its stake 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 acquiring an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its holdings in Bank of America by 0.4% in the third 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 during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on BAC. Morgan Stanley downgraded Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $48.00 to $55.00 in a report on Monday, December 9th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. 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. Wells Fargo & Company boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Truist Financial started coverage on shares of Bank of America in a research report on Tuesday, January 7th. They set a “buy” rating and a $52.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $48.18.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.65 on Friday. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The firm has a market capitalization of $357.91 billion, a PE ratio of 16.96, a P/E/G ratio of 1.23 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business’s fifty day moving average price is $45.72 and its two-hundred day moving average price is $42.34.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.70 EPS. On average, research analysts expect that Bank of America Co. will post 3.24 EPS for the current year.

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.