Bank of America Co. (NYSE:BAC) Shares Bought by Griffin Asset Management Inc.

Griffin Asset Management Inc. grew its stake in Bank of America Co. (NYSE:BAC) by 5.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 343,197 shares of the financial services provider’s stock after acquiring an additional 17,579 shares during the period. Bank of America comprises 1.8% of Griffin Asset Management Inc.’s investment portfolio, making the stock its 11th biggest holding. Griffin Asset Management Inc.’s holdings in Bank of America were worth $15,084,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in BAC. Marino Stram & Associates LLC lifted its stake in Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after acquiring an additional 222 shares in the last quarter. Traveka Wealth LLC lifted its position in shares of Bank of America by 2.7% during the fourth quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 226 shares in the last quarter. Longfellow Investment Management Co. LLC boosted its stake in shares of Bank of America by 0.6% in the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the period. Beacon Investment Advisory Services Inc. grew its holdings in shares of Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after purchasing an additional 231 shares in the last quarter. Finally, Southland Equity Partners LLC lifted its holdings in Bank of America by 2.6% during the 4th quarter. Southland Equity Partners LLC now owns 9,016 shares of the financial services provider’s stock worth $396,000 after buying an additional 231 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on BAC shares. Oppenheimer boosted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Wells Fargo & Company upped their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Truist Financial upped their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Finally, Piper Sandler decreased their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday, January 17th. One 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 data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Up 1.2 %

BAC opened at $47.06 on Tuesday. The firm has a market cap of $361.10 billion, a price-to-earnings ratio of 14.62, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. The business’s 50 day moving average is $45.82 and its two-hundred day moving average is $42.63. 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 released 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 net margin of 14.10% and a return on equity of 10.29%. The firm 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 earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, research analysts predict that Bank of America Co. will post 3.67 EPS for the current 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.