Merit Financial Group LLC Has $5.95 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Merit Financial Group LLC raised its stake in Bank of America Co. (NYSE:BAC) by 34.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,385 shares of the financial services provider’s stock after buying an additional 34,881 shares during the period. Merit Financial Group LLC’s holdings in Bank of America were worth $5,950,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter worth $29,000. Highline Wealth Partners LLC grew its holdings in shares of 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 worth $37,000 after purchasing an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc increased its stake in shares of 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 buying an additional 852 shares during the period. Northwest Investment Counselors LLC bought a new position in Bank of America in the 3rd quarter valued at approximately $45,000. Finally, Truvestments Capital LLC acquired a new stake in Bank of America during the 3rd quarter worth approximately $73,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.54 on Friday. Bank of America Co. has a twelve month low of $31.40 and a twelve month high of $48.08. The stock’s 50 day moving average is $45.79 and its 200-day moving average is $42.42. 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 firm has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $0.70 earnings per share. Sell-side analysts forecast that Bank of America Co. will post 3.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Piper Sandler lowered 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 report on Friday. Finally, Morgan Stanley upped their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.