HCR Wealth Advisors Sells 3,183 Shares of Bank of America Co. (NYSE:BAC)

HCR Wealth Advisors trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 5.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 53,002 shares of the financial services provider’s stock after selling 3,183 shares during the period. HCR Wealth Advisors’ holdings in Bank of America were worth $2,329,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Armstrong Advisory Group Inc. grew its position in shares of Bank of America by 2.1% during the fourth quarter. Armstrong Advisory Group Inc. now owns 28,278 shares of the financial services provider’s stock valued at $1,243,000 after purchasing an additional 573 shares in the last quarter. Apella Capital LLC grew its holdings in Bank of America by 4.3% during the 4th quarter. Apella Capital LLC now owns 11,333 shares of the financial services provider’s stock valued at $498,000 after buying an additional 463 shares in the last quarter. Founders Grove Wealth Partners LLC purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $218,000. Park Avenue Securities LLC boosted its position in shares of Bank of America by 21.2% during the 4th quarter. Park Avenue Securities LLC now owns 156,256 shares of the financial services provider’s stock valued at $6,867,000 after acquiring an additional 27,383 shares during the last quarter. Finally, Kathmere Capital Management LLC grew its holdings in shares of Bank of America by 9.7% in the fourth quarter. Kathmere Capital Management LLC now owns 33,815 shares of the financial services provider’s stock valued at $1,486,000 after purchasing an additional 2,978 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 3.2 %

Shares of NYSE:BAC opened at $47.23 on Thursday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $45.69 and its 200 day moving average is $42.31. The stock has a market cap of $362.39 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. Bank of America Co. has a 52-week low of $31.27 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 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 analyst estimates of $25.25 billion. During the same quarter last year, the firm posted $0.90 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. Sell-side analysts predict that Bank of America Co. will post 3.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on BAC. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods increased 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. Truist Financial started coverage on Bank of America in a research note on Tuesday, January 7th. They set a “buy” rating and a $52.00 price objective on the stock. Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Evercore ISI raised their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, seven 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, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.