Bank of America Co. (NYSE:BAC) Shares Sold by New Century Financial Group LLC

New Century Financial Group LLC lessened its position in Bank of America Co. (NYSE:BAC) by 9.9% during the fourth quarter, Holdings Channel reports. The fund owned 11,210 shares of the financial services provider’s stock after selling 1,237 shares during the quarter. New Century Financial Group LLC’s holdings in Bank of America were worth $502,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC boosted its position in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Christopher J. Hasenberg Inc lifted its holdings in Bank of America by 525.9% in 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. Retirement Wealth Solutions LLC bought a new position in Bank of America in the 4th quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America during the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent analyst reports. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Barclays boosted their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Wells Fargo & Company raised their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Piper Sandler lowered their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Up 1.4 %

BAC stock opened at $46.41 on Friday. The company has a 50 day moving average of $45.81 and a two-hundred day moving average of $42.55. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08. The company has a market cap of $356.13 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the business earned $0.70 EPS. On average, equities analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

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.