HB Wealth Management LLC Has $12.77 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

HB Wealth Management LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 290,470 shares of the financial services provider’s stock after buying an additional 10,479 shares during the quarter. HB Wealth Management LLC’s holdings in Bank of America were worth $12,766,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Accent Capital Management LLC increased its position in Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after buying an additional 11,873 shares during the last quarter. Summit Global Investments increased its position in Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after buying an additional 36,089 shares during the last quarter. Geode Capital Management LLC increased its position in Bank of America by 1.2% during the third 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 last quarter. Baker Avenue Asset Management LP increased its position in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares during the last quarter. Finally, Copley Financial Group Inc. acquired a new position in Bank of America during the third quarter worth $550,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock traded down $0.10 during trading on Friday, hitting $46.54. The company had a trading volume of 44,307,437 shares, compared to its average volume of 26,125,426. The company has a fifty day moving average price of $45.76 and a two-hundred day moving average price of $42.37. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $357.13 billion, a P/E ratio of 16.93, a P/E/G 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.

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, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.70 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on BAC. Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. Finally, Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.