Bourgeon Capital Management LLC Lowers Stock Position in Bank of America Co. (NYSE:BAC)

Bourgeon Capital Management LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 1.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 279,276 shares of the financial services provider’s stock after selling 5,503 shares during the period. Bank of America makes up about 2.3% of Bourgeon Capital Management LLC’s holdings, making the stock its 14th biggest holding. Bourgeon Capital Management LLC’s holdings in Bank of America were worth $12,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Accent Capital Management LLC grew its position in Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after acquiring an additional 11,873 shares during the last quarter. Summit Global Investments grew its holdings in shares of Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Geode Capital Management LLC raised its position in Bank of America by 1.2% in 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 purchasing an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP boosted its position in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. bought a new position in shares of Bank of America during the third quarter valued at about $550,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on BAC shares. Keefe, Bruyette & Woods increased their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Evercore ISI decreased their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Barclays lifted their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Up 0.3 %

Shares of BAC stock opened at $46.65 on Wednesday. The stock has a market capitalization of $357.92 billion, a P/E ratio of 14.49, a P/E/G ratio of 1.26 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm’s 50 day moving average is $45.80 and its 200 day moving average is $42.48. Bank of America Co. has a 12-month low of $32.32 and a 12-month 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, topping the consensus estimate 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 analyst estimates of $25.12 billion. During the same quarter in the previous year, the company posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.67 earnings per share for the current year.

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.