HF Advisory Group LLC Purchases 753 Shares of Bank of America Co. (NYSE:BAC)

HF Advisory Group LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 4.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,093 shares of the financial services provider’s stock after acquiring an additional 753 shares during the quarter. HF Advisory Group LLC’s holdings in Bank of America were worth $839,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Accent Capital Management LLC lifted its holdings in Bank of America by 43.0% in 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 period. Summit Global Investments grew its stake 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 acquiring an additional 36,089 shares during the period. Geode Capital Management LLC increased its stake in shares of Bank of America by 1.2% in the third 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 in the last quarter. Baker Avenue Asset Management LP raised its holdings 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 acquiring an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. purchased a new position in Bank of America in the 3rd quarter worth approximately $550,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of BAC stock opened at $46.54 on Friday. The company has a market cap of $357.13 billion, a P/E ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The stock’s 50-day moving average is $45.79 and its 200 day moving average is $42.42. Bank of America Co. has a 1-year low of $31.40 and a 1-year high of $48.08. 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 (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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the business posted $0.70 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Research analysts predict that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on BAC shares. 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. Keefe, Bruyette & Woods raised their price target 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 raised 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. Evercore ISI lowered their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Piper Sandler lowered their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.58.

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.