Kathmere Capital Management LLC Purchases 2,978 Shares of Bank of America Co. (NYSE:BAC)

Kathmere Capital Management LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 9.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 33,815 shares of the financial services provider’s stock after buying an additional 2,978 shares during the period. Kathmere Capital Management LLC’s holdings in Bank of America were worth $1,486,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC grew its holdings in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Legal & General Group Plc increased its holdings in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after buying an additional 1,731,003 shares during the period. Sanders Capital LLC lifted its position in shares of Bank of America by 2.8% during the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after acquiring an additional 601,211 shares during the period. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after purchasing an additional 59,853 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $45.88 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $31.27 and a one year high of $48.08. The business’s 50 day simple moving average is $45.69 and its two-hundred day simple moving average is $42.31. The stock has a market capitalization of $352.03 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 earnings per share. Analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BAC. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Truist Financial assumed coverage on shares of Bank of America in a research report on Tuesday, January 7th. They issued a “buy” rating and a $52.00 price target on the stock. Morgan Stanley downgraded Bank of America from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.