Raleigh Capital Management Inc. Has $576,000 Position in Bank of America Co. (NYSE:BAC)

Raleigh Capital Management Inc. lessened its stake in Bank of America Co. (NYSE:BAC) by 2.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,097 shares of the financial services provider’s stock after selling 325 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Bank of America were worth $576,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Mutual Advisors LLC raised its holdings in shares of Bank of America by 0.9% during the fourth quarter. Mutual Advisors LLC now owns 91,764 shares of the financial services provider’s stock worth $4,280,000 after acquiring an additional 862 shares in the last quarter. True North Advisors LLC increased its position in Bank of America by 405.3% in the 4th quarter. True North Advisors LLC now owns 101,735 shares of the financial services provider’s stock worth $4,471,000 after purchasing an additional 81,603 shares during the last quarter. Traynor Capital Management Inc. raised its stake in shares of Bank of America by 16.7% during the 4th quarter. Traynor Capital Management Inc. now owns 21,722 shares of the financial services provider’s stock worth $955,000 after purchasing an additional 3,103 shares in the last quarter. Baker Ellis Asset Management LLC lifted its holdings in shares of Bank of America by 8.2% during the 4th quarter. Baker Ellis Asset Management LLC now owns 14,505 shares of the financial services provider’s stock valued at $637,000 after buying an additional 1,100 shares during the last quarter. Finally, Kelleher Financial Advisors lifted its holdings in shares of Bank of America by 1.7% during the 4th quarter. Kelleher Financial Advisors now owns 35,815 shares of the financial services provider’s stock valued at $1,574,000 after buying an additional 615 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on BAC. Piper Sandler cut their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One equities research 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. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 1.8 %

Shares of BAC opened at $45.80 on Thursday. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The stock has a market cap of $351.41 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 1.27 and a beta of 1.33. The company has a 50-day moving average price of $45.81 and a two-hundred day moving average price of $42.55. 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:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the firm earned $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.67 EPS for the current fiscal 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.