SteelPeak Wealth LLC Trims Stock Holdings in Bank of America Co. (NYSE:BAC)

SteelPeak Wealth LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 9.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,190 shares of the financial services provider’s stock after selling 5,621 shares during the quarter. SteelPeak Wealth LLC’s holdings in Bank of America were worth $2,470,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of BAC. Marino Stram & Associates LLC boosted its stake in Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after acquiring an additional 222 shares in the last quarter. Traveka Wealth LLC lifted its holdings in shares of Bank of America by 2.7% during the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 226 shares during the last quarter. Longfellow Investment Management Co. LLC boosted its position in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. grew its stake in shares of Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after buying an additional 231 shares during the last quarter. Finally, Southland Equity Partners LLC increased its position in Bank of America by 2.6% during the 4th quarter. Southland Equity Partners LLC now owns 9,016 shares of the financial services provider’s stock valued at $396,000 after buying an additional 231 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Finally, Barclays upped their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Price Performance

NYSE BAC opened at $46.88 on Wednesday. The company has a current ratio of 0.78, a quick 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’s 50 day moving average is $45.82 and its two-hundred day moving average is $42.67. The stock has a market cap of $359.70 billion, a price-to-earnings ratio of 14.56, 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 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the firm earned $0.70 EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Co. will post 3.67 earnings per share 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.