11,683 Shares in Bank of America Co. (NYSE:BAC) Bought by M.E. Allison & CO. Inc.

M.E. Allison & CO. Inc. purchased a new position in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,683 shares of the financial services provider’s stock, valued at approximately $513,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Edgestream Partners L.P. bought a new stake in shares of Bank of America during the second quarter worth about $257,000. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Bank of America by 7.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock worth $3,887,000 after acquiring an additional 6,385 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Bank of America by 2.7% in the second quarter. Pacer Advisors Inc. now owns 484,549 shares of the financial services provider’s stock worth $19,271,000 after acquiring an additional 12,611 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Bank of America by 186.7% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 66,881 shares of the financial services provider’s stock worth $2,660,000 after acquiring an additional 43,552 shares during the period. Finally, Hancock Whitney Corp lifted its stake in shares of Bank of America by 0.6% in the second quarter. Hancock Whitney Corp now owns 90,518 shares of the financial services provider’s stock worth $3,600,000 after acquiring an additional 508 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several recent analyst reports. Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday. Keefe, Bruyette & Woods upped their target price on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Oppenheimer upped their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Morgan Stanley upped their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday. One 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 given a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

NYSE:BAC opened at $46.54 on Monday. The business’s 50-day moving average price is $45.79 and its two-hundred day moving average price is $42.43. Bank of America Co. has a twelve month low of $31.40 and a twelve month high of $48.08. The stock has a market cap of $357.13 billion, a P/E ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. 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 analysts’ expectations of $25.12 billion. During the same quarter last year, the firm posted $0.70 EPS. The company’s revenue was up 15.0% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Co. will post 3.24 EPS for the current fiscal year.

About Bank of America

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.