Bank of America Co. (NYSE:BAC) Holdings Lowered by Dakota Wealth Management

Dakota Wealth Management trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 52.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 252,901 shares of the financial services provider’s stock after selling 278,429 shares during the period. Dakota Wealth Management’s holdings in Bank of America were worth $11,115,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Kennebec Savings Bank purchased a new stake in shares of Bank of America during the third quarter valued at $29,000. Highline Wealth Partners LLC lifted its stake in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc lifted its stake in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in Bank of America in the 4th quarter worth about $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America in the 3rd quarter worth about $45,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

BAC opened at $46.65 on Wednesday. The stock’s 50 day moving average price is $45.80 and its two-hundred day moving average price is $42.48. 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 Co. has a 12-month low of $32.32 and a 12-month high of $48.08. The firm has a market capitalization of $357.92 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 1.26 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the company earned $0.70 EPS. The company’s quarterly revenue was up 15.0% on a year-over-year basis. On average, equities analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on BAC shares. Keefe, Bruyette & Woods increased their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Piper Sandler reduced their price objective on 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. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average 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.