Peoples Financial Services CORP. Sells 11,632 Shares of Bank of America Co. (NYSE:BAC)

Peoples Financial Services CORP. lessened its position in Bank of America Co. (NYSE:BAC) by 93.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 758 shares of the financial services provider’s stock after selling 11,632 shares during the quarter. Peoples Financial Services CORP.’s holdings in Bank of America were worth $33,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in BAC. Geode Capital Management LLC lifted its holdings 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 valued at $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Legal & General Group Plc boosted its holdings in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after acquiring an additional 1,731,003 shares during the period. Sanders Capital LLC boosted its holdings in shares of Bank of America by 2.8% in the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after buying an additional 601,211 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its position in Bank of America by 0.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after acquiring an additional 59,853 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Oppenheimer dropped their price target on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.88 on Wednesday. The company has a market cap of $352.03 billion, a PE ratio of 16.68, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business has a 50-day simple moving average of $45.69 and a two-hundred day simple moving average of $42.31. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the firm earned $0.90 EPS. The firm’s revenue was up .4% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal 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.