Armstrong Advisory Group Inc. Boosts Stake in Bank of America Co. (NYSE:BAC)

Armstrong Advisory Group Inc. lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 2.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,278 shares of the financial services provider’s stock after buying an additional 573 shares during the period. Armstrong Advisory Group Inc.’s holdings in Bank of America were worth $1,243,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Kennebec Savings Bank acquired a new stake in Bank of America during the 3rd quarter worth about $29,000. Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the period. Christopher J. Hasenberg Inc lifted its holdings in shares of Bank of America by 525.9% during the third 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. Northwest Investment Counselors LLC purchased a new stake in Bank of America in the third quarter valued at approximately $45,000. Finally, Truvestments Capital LLC acquired a new position in Bank of America in the 3rd quarter worth approximately $73,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 3.2 %

BAC stock opened at $47.23 on Thursday. The stock has a market capitalization of $362.39 billion, a P/E ratio of 17.17, a P/E/G ratio of 1.23 and a beta of 1.33. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08. The firm has a 50-day simple moving average of $45.69 and a 200-day simple moving average of $42.31. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 EPS. Equities analysts forecast that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Truist Financial assumed coverage on shares of Bank of America in a research note on Tuesday, January 7th. They set a “buy” rating and a $52.00 price objective for the company. Morgan Stanley lowered shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $48.00 to $55.00 in a report on Monday, December 9th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $47.50.

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.