Octavia Wealth Advisors LLC Cuts Stake in Bank of America Co. (NYSE:BAC)

Octavia Wealth Advisors LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 0.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,281 shares of the financial services provider’s stock after selling 325 shares during the period. Octavia Wealth Advisors LLC’s holdings in Bank of America were worth $2,342,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Kennebec Savings Bank acquired a new stake in Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the period. Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $42,000. Christopher J. Hasenberg Inc grew its position in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Bank of America in the 3rd quarter valued at about $45,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $46.65 on Wednesday. Bank of America Co. has a 52-week low of $32.32 and a 52-week high of $48.08. The stock has a fifty day moving average price of $45.80 and a two-hundred day moving average price of $42.48. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $357.92 billion, a P/E ratio of 14.49, a P/E/G ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results 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 net margin of 14.10% and a return on equity of 10.29%. The firm 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 firm earned $0.70 earnings per share. The business’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, analysts anticipate that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on BAC. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.