Portside Wealth Group LLC Lowers Holdings in Bank of America Co. (NYSE:BAC)

Portside Wealth Group LLC lowered its position in Bank of America Co. (NYSE:BAC) by 1.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 45,326 shares of the financial services provider’s stock after selling 507 shares during the quarter. Portside Wealth Group LLC’s holdings in Bank of America were worth $1,992,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Sandy Cove Advisors LLC lifted its position in Bank of America by 10.4% during the fourth quarter. Sandy Cove Advisors LLC now owns 8,427 shares of the financial services provider’s stock valued at $370,000 after purchasing an additional 796 shares during the last quarter. Moss Adams Wealth Advisors LLC raised its position in shares of Bank of America by 3.4% during the 4th quarter. Moss Adams Wealth Advisors LLC now owns 23,854 shares of the financial services provider’s stock valued at $1,048,000 after buying an additional 776 shares in the last quarter. Riversedge Advisors LLC grew its position in Bank of America by 4.6% in the fourth quarter. Riversedge Advisors LLC now owns 9,866 shares of the financial services provider’s stock worth $434,000 after acquiring an additional 438 shares in the last quarter. Financial Management Professionals Inc. increased its stake in Bank of America by 7.6% in the fourth quarter. Financial Management Professionals Inc. now owns 11,411 shares of the financial services provider’s stock valued at $502,000 after acquiring an additional 805 shares during the last quarter. Finally, TruWealth Advisors LLC raised its position in Bank of America by 1.7% during the fourth quarter. TruWealth Advisors LLC now owns 24,823 shares of the financial services provider’s stock valued at $1,091,000 after purchasing an additional 404 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.54 on Friday. Bank of America Co. has a 1 year low of $31.40 and a 1 year high of $48.08. The firm’s 50-day moving average is $45.79 and its 200 day moving average is $42.42. The stock has a market cap of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 analyst estimates of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.70 EPS. Sell-side analysts anticipate that Bank of America Co. will post 3.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on BAC shares. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Morgan Stanley lifted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, six have given 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.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.