Empirical Financial Services LLC d.b.a. Empirical Wealth Management Has $3.85 Million Stock Position in Bank of America Co. (NYSE:BAC)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in Bank of America Co. (NYSE:BAC) by 16.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 87,530 shares of the financial services provider’s stock after acquiring an additional 12,127 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Bank of America were worth $3,847,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of BAC. Accent Capital Management LLC increased its stake in Bank of America by 43.0% during 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 purchasing an additional 11,873 shares in the last quarter. Summit Global Investments grew its holdings in shares of 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 valued at $2,035,000 after buying an additional 36,089 shares during the last quarter. Geode Capital Management LLC increased its position in shares of 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 acquiring an additional 1,700,141 shares in the last quarter. Baker Avenue Asset Management LP raised its holdings in shares of 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 worth $2,421,000 after acquiring an additional 33,983 shares during the last quarter. Finally, Copley Financial Group Inc. bought a new position in Bank of America in the 3rd quarter valued at about $550,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Morgan Stanley raised their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Piper Sandler cut their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Finally, Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.48 on Monday. The company has a 50-day moving average price of $45.82 and a two-hundred day moving average price of $42.62. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $356.60 billion, a PE ratio of 14.43, a P/E/G ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating 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 10.29% and a net margin of 14.10%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.70 EPS. Equities analysts forecast that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America Company 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.