FLC Capital Advisors Has $1.64 Million Position in Bank of America Co. (NYSE:BAC)

FLC Capital Advisors lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 1.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 37,406 shares of the financial services provider’s stock after selling 506 shares during the quarter. FLC Capital Advisors’ holdings in Bank of America were worth $1,644,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Geode Capital Management LLC increased its position 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 increased 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 worth $2,288,347,000 after acquiring an additional 895,884 shares during the period. Fisher Asset Management LLC raised its stake in Bank of America by 4.0% in the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after purchasing an additional 1,731,003 shares in the last quarter. Sanders Capital LLC boosted its holdings in 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 purchasing an additional 601,211 shares during the period. Finally, Diamond Hill Capital Management Inc. grew its position 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 worth $676,264,000 after purchasing an additional 59,853 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.2 %

BAC opened at $46.54 on Monday. The firm has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $31.40 and a fifty-two week high of $48.08. The company’s 50 day moving average price is $45.79 and its two-hundred day moving average price is $42.43. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

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 the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates 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 was up 15.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.70 EPS. As a group, research analysts predict that Bank of America Co. will post 3.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BAC. Evercore ISI dropped their price target 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. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Piper Sandler reduced their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday. Wells Fargo & Company boosted their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price 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.