Patton Albertson Miller Group LLC Acquires 2,548 Shares of Bank of America Co. (NYSE:BAC)

Patton Albertson Miller Group LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 1.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 151,977 shares of the financial services provider’s stock after acquiring an additional 2,548 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Bank of America were worth $6,679,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Geode Capital Management LLC grew its position in Bank of America by 1.2% during 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 buying an additional 1,700,141 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after buying an additional 1,731,003 shares in the last quarter. Sanders Capital LLC increased its holdings in Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after buying an additional 601,211 shares during the period. Diamond Hill Capital Management Inc. raised its stake in shares of Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after buying an additional 59,853 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in shares of Bank of America by 23.6% during the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after acquiring an additional 3,109,197 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC stock opened at $46.48 on Friday. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The business’s 50-day moving average price is $45.82 and its two-hundred day moving average price is $42.61. The firm has a market cap of $356.60 billion, a PE ratio of 14.43, a P/E/G ratio of 1.24 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.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the firm earned $0.70 EPS. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on BAC. Truist Financial raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Evercore ISI decreased their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Piper Sandler decreased their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Friday, January 17th. Finally, Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus 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.