Bank of America Co. (NYSE:BAC) Shares Sold by Pacific Capital Wealth Advisors Inc.

Pacific Capital Wealth Advisors Inc. cut its position in shares of Bank of America Co. (NYSE:BAC) by 11.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 3,542 shares of the financial services provider’s stock after selling 443 shares during the quarter. Pacific Capital Wealth Advisors Inc.’s holdings in Bank of America were worth $156,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Driehaus Capital Management LLC grew its stake in shares of Bank of America by 56.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 21,993 shares of the financial services provider’s stock worth $875,000 after purchasing an additional 7,964 shares during the last quarter. Magnolia Capital Advisors LLC bought a new position in shares of Bank of America in the second quarter valued at $743,000. Silver Lake Advisory LLC lifted its position in shares of Bank of America by 6.2% during the 2nd quarter. Silver Lake Advisory LLC now owns 13,079 shares of the financial services provider’s stock valued at $520,000 after acquiring an additional 759 shares during the last quarter. William B. Walkup & Associates Inc. bought a new stake in shares of Bank of America during the 2nd quarter worth $624,000. Finally, Wallace Advisory Group LLC grew its holdings in shares of Bank of America by 8.4% in the 2nd quarter. Wallace Advisory Group LLC now owns 17,366 shares of the financial services provider’s stock worth $691,000 after acquiring an additional 1,345 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on BAC. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. HSBC raised 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 note on Tuesday, January 7th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Up 1.2 %

Shares of BAC stock opened at $47.06 on Tuesday. The stock’s 50 day simple moving average is $45.82 and its 200 day simple moving average is $42.63. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $361.10 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results 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. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.70 earnings per share. As a group, research analysts predict that Bank of America Co. will post 3.67 EPS for the current 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.