Beacon Investment Advisory Services Inc. Sells 3,817 Shares of Bank of America Co. (NYSE:BAC)

Beacon Investment Advisory Services Inc. cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 18.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 17,046 shares of the financial services provider’s stock after selling 3,817 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Bank of America were worth $749,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Kennebec Savings Bank purchased a new position in shares of Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC lifted its position in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc boosted its stake in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new position in Bank of America in the fourth quarter worth $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the third quarter worth $45,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

NYSE:BAC opened at $46.41 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a 50 day moving average price of $45.81 and a 200-day moving average price of $42.55. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The firm has a market cap of $356.13 billion, a price-to-earnings ratio of 14.41, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. The company’s revenue was up 15.0% compared to the same quarter last year. Equities research analysts forecast that Bank of America Co. will post 3.67 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BAC shares. Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Truist Financial increased their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. 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 note on Friday, November 8th. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective 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 issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.