Consolidated Capital Management LLC Sells 1,120 Shares of Bank of America Co. (NYSE:BAC)

Consolidated Capital Management LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 118,537 shares of the financial services provider’s stock after selling 1,120 shares during the quarter. Bank of America makes up 2.3% of Consolidated Capital Management LLC’s portfolio, making the stock its 17th largest holding. Consolidated Capital Management LLC’s holdings in Bank of America were worth $5,210,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Diversify Wealth Management LLC boosted its holdings in shares of Bank of America by 41.0% in the 4th quarter. Diversify Wealth Management LLC now owns 77,379 shares of the financial services provider’s stock worth $3,491,000 after acquiring an additional 22,511 shares in the last quarter. Gilman Hill Asset Management LLC raised its position in Bank of America by 225.7% in the 4th quarter. Gilman Hill Asset Management LLC now owns 33,534 shares of the financial services provider’s stock valued at $1,474,000 after purchasing an additional 23,237 shares during the last quarter. Ellsworth Advisors LLC boosted its stake in Bank of America by 8.6% in the fourth quarter. Ellsworth Advisors LLC now owns 47,546 shares of the financial services provider’s stock worth $2,090,000 after purchasing an additional 3,745 shares in the last quarter. Annex Advisory Services LLC increased its stake in shares of Bank of America by 4.7% in the fourth quarter. Annex Advisory Services LLC now owns 8,267 shares of the financial services provider’s stock valued at $363,000 after buying an additional 372 shares in the last quarter. Finally, Mandatum Life Insurance Co Ltd raised its holdings in shares of Bank of America by 0.6% in the fourth quarter. Mandatum Life Insurance Co Ltd now owns 128,910 shares of the financial services provider’s stock valued at $5,666,000 after buying an additional 800 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on BAC shares. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Barclays raised their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Truist Financial increased their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Down 0.2 %

Shares of Bank of America stock opened at $46.54 on Monday. Bank of America Co. has a 1 year low of $31.40 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $357.13 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The business has a 50-day moving average of $45.79 and a two-hundred day moving average of $42.43.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the company posted $0.70 EPS. As a group, equities analysts predict that Bank of America Co. will post 3.24 EPS for the current year.

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.