Gilman Hill Asset Management LLC Acquires 23,237 Shares of Bank of America Co. (NYSE:BAC)

Gilman Hill Asset Management LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 225.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,534 shares of the financial services provider’s stock after acquiring an additional 23,237 shares during the period. Gilman Hill Asset Management LLC’s holdings in Bank of America were worth $1,474,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Edgestream Partners L.P. acquired a new stake in Bank of America during the second quarter worth approximately $257,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Bank of America by 7.0% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock worth $3,887,000 after purchasing an additional 6,385 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Bank of America by 2.7% in the 2nd quarter. Pacer Advisors Inc. now owns 484,549 shares of the financial services provider’s stock valued at $19,271,000 after purchasing an additional 12,611 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Bank of America by 186.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 66,881 shares of the financial services provider’s stock valued at $2,660,000 after buying an additional 43,552 shares in the last quarter. Finally, Hancock Whitney Corp increased its position in Bank of America by 0.6% during the 2nd quarter. Hancock Whitney Corp now owns 90,518 shares of the financial services provider’s stock worth $3,600,000 after buying an additional 508 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $46.54 on Monday. 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 $31.40 and a one year high of $48.08. The business’s 50 day simple moving average is $45.79 and its 200 day simple moving average is $42.43. The stock has a market capitalization of $357.13 billion, a PE ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.70 earnings per share. As a group, research analysts forecast that Bank of America Co. will post 3.24 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on BAC shares. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Truist Financial raised their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday. 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 report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock 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.