Hennessy Advisors Inc. Decreases Stake in Bank of America Co. (NYSE:BAC)

Hennessy Advisors Inc. reduced its position in Bank of America Co. (NYSE:BAC) by 3.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 185,900 shares of the financial services provider’s stock after selling 7,400 shares during the period. Hennessy Advisors Inc.’s holdings in Bank of America were worth $8,170,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Accent Capital Management LLC boosted its position in Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after buying an additional 11,873 shares during the last quarter. Summit Global Investments boosted its position in Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares during the last quarter. Geode Capital Management LLC boosted its position in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares during the last quarter. Baker Avenue Asset Management LP boosted its position in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares during the last quarter. Finally, Copley Financial Group Inc. purchased a new position in Bank of America in the 3rd quarter valued at about $550,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.65 on Friday. The firm’s 50 day moving average is $45.72 and its two-hundred day moving average is $42.34. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08. The firm has a market capitalization of $357.91 billion, a P/E ratio of 16.96, a PEG ratio of 1.23 and a beta of 1.33. The company has a current ratio of 0.80, a quick 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 Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business earned $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Piper Sandler increased their price target on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Wells Fargo & Company increased their price target 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.18.

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.