DiNuzzo Private Wealth Inc. Sells 595 Shares of Bank of America Co. (NYSE:BAC)

DiNuzzo Private Wealth Inc. reduced its holdings in Bank of America Co. (NYSE:BAC) by 19.6% in the 4th quarter, Holdings Channel reports. The fund owned 2,435 shares of the financial services provider’s stock after selling 595 shares during the quarter. DiNuzzo Private Wealth Inc.’s holdings in Bank of America were worth $107,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Gateway Wealth Partners LLC raised its holdings in shares of Bank of America by 133.4% during the fourth quarter. Gateway Wealth Partners LLC now owns 39,221 shares of the financial services provider’s stock worth $1,724,000 after acquiring an additional 22,420 shares during the period. Capital Investment Counsel LLC bought a new position in Bank of America during the 4th quarter worth about $302,000. Orca Wealth Management LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at about $1,537,000. BSW Wealth Partners bought a new stake in shares of Bank of America in the fourth quarter valued at about $251,000. Finally, Bensler LLC acquired a new position in shares of Bank of America during the fourth quarter worth about $241,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.4 %

Shares of BAC stock opened at $46.88 on Wednesday. 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 capitalization of $359.70 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The firm has a 50 day moving average price of $45.82 and a two-hundred day moving average price of $42.67. 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 (NYSE:BACGet Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period last year, the firm posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, analysts predict that Bank of America Co. will post 3.67 earnings per share for the current year.

Analyst Ratings Changes

BAC has been the topic of several research reports. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Barclays boosted their price target 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. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Morgan Stanley upped their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

View Our Latest Stock Analysis on Bank of America

Bank of America Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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