Bank of America Co. (NYSE:BAC) Shares Purchased by ZWJ Investment Counsel Inc.

by · The Markets Daily

ZWJ Investment Counsel Inc. raised its position in Bank of America Co. (NYSE:BAC) by 0.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 67,959 shares of the financial services provider’s stock after acquiring an additional 638 shares during the period. ZWJ Investment Counsel Inc.’s holdings in Bank of America were worth $2,987,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Kennebec Savings Bank purchased a new position in Bank of America in the third quarter worth approximately $29,000. Highline Wealth Partners LLC raised its position in 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 valued at $37,000 after purchasing an additional 510 shares during the period. Christopher J. Hasenberg Inc grew its holdings in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America during the 4th quarter worth $42,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth about $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $46.54 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’s fifty day simple moving average is $45.79 and its 200-day simple moving average is $42.44. The firm has a market capitalization of $357.13 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.27 and a beta of 1.33. Bank of America Co. has a twelve month low of $31.40 and a twelve month high of $48.08.

Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly 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. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm earned $0.70 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. 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 report on Friday. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Truist Financial lifted their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $48.58.

View Our Latest Research Report on BAC

About Bank of America

(Free Report)

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.

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