Guardian Investment Management Sells 1,600 Shares of Bank of America Co. (NYSE:BAC)

Guardian Investment Management lowered its position in shares of Bank of America Co. (NYSE:BAC) by 2.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 74,268 shares of the financial services provider’s stock after selling 1,600 shares during the quarter. Bank of America accounts for approximately 2.3% of Guardian Investment Management’s investment portfolio, making the stock its 9th largest position. Guardian Investment Management’s holdings in Bank of America were worth $3,264,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Traveka Wealth LLC raised its holdings in Bank of America by 2.7% in the 4th 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 during the period. Longfellow Investment Management Co. LLC lifted its position in shares of Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after buying an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. grew its stake in shares of Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after acquiring an additional 231 shares during the period. Integrity Financial Corp WA increased its holdings in Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 240 shares in the last quarter. Finally, Cahill Financial Advisors Inc. lifted its holdings in Bank of America by 2.1% during the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after purchasing an additional 249 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 BAC opened at $46.54 on Monday. The business’s 50-day moving average is $45.79 and its two-hundred day moving average is $42.43. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $357.13 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $31.40 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $0.70 earnings per share. Research analysts predict that Bank of America Co. will post 3.24 earnings per share for the current year.

Analyst Ratings Changes

BAC has been the topic of several recent analyst reports. Piper Sandler reduced their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday. Morgan Stanley boosted their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday. 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 research report on Friday, October 18th. Keefe, Bruyette & Woods boosted 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. Finally, Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday. One equities 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America 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.