Ballentine Partners LLC Has $6.43 Million Holdings in Bank of America Co. (NYSE:BAC)

Ballentine Partners LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 2.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 146,331 shares of the financial services provider’s stock after purchasing an additional 3,422 shares during the period. Ballentine Partners LLC’s holdings in Bank of America were worth $6,431,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. ZWJ Investment Counsel Inc. increased its stake in shares of Bank of America by 0.9% in the fourth quarter. ZWJ Investment Counsel Inc. now owns 67,959 shares of the financial services provider’s stock worth $2,987,000 after acquiring an additional 638 shares during the last quarter. Pure Financial Advisors LLC grew its stake in Bank of America by 10.6% in the fourth quarter. Pure Financial Advisors LLC now owns 31,429 shares of the financial services provider’s stock valued at $1,381,000 after purchasing an additional 3,005 shares in the last quarter. Tudor Financial Inc. increased its position in Bank of America by 24.5% in the 4th quarter. Tudor Financial Inc. now owns 20,246 shares of the financial services provider’s stock worth $890,000 after purchasing an additional 3,982 shares during the last quarter. Mountain Pacific Investment Advisers LLC raised its stake in shares of Bank of America by 10.7% during the 4th quarter. Mountain Pacific Investment Advisers LLC now owns 10,786 shares of the financial services provider’s stock worth $474,000 after purchasing an additional 1,043 shares in the last quarter. Finally, Amplius Wealth Advisors LLC lifted its stake in Bank of America by 3.7% in the fourth quarter. Amplius Wealth Advisors LLC now owns 11,167 shares of the financial services provider’s stock valued at $491,000 after acquiring an additional 395 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BAC. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Citigroup raised 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 research report on Friday, November 8th. Piper Sandler lowered their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Truist Financial increased their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

Bank of America stock opened at $46.54 on Tuesday. Bank of America Co. has a 1 year low of $31.40 and a 1 year high of $48.08. The company’s 50-day moving average is $45.79 and its two-hundred day moving average is $42.44. 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 company has a market cap of $357.13 billion, a PE ratio of 14.45, a PEG ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current 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.