Tompkins Financial Corp Decreases Holdings in Bank of America Co. (NYSE:BAC)

Tompkins Financial Corp lowered its position in Bank of America Co. (NYSE:BAC) by 11.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,924 shares of the financial services provider’s stock after selling 853 shares during the period. Tompkins Financial Corp’s holdings in Bank of America were worth $304,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BAC. Woodstock Corp raised its stake in shares of Bank of America by 0.6% during the 4th quarter. Woodstock Corp now owns 159,727 shares of the financial services provider’s stock worth $7,020,000 after buying an additional 981 shares during the last quarter. RDA Financial Network increased its holdings in Bank of America by 11.7% during the 4th quarter. RDA Financial Network now owns 49,706 shares of the financial services provider’s stock valued at $2,185,000 after acquiring an additional 5,191 shares in the last quarter. First Pacific Financial raised its position in Bank of America by 6.1% during the fourth quarter. First Pacific Financial now owns 5,428 shares of the financial services provider’s stock worth $239,000 after acquiring an additional 312 shares during the last quarter. Goldstone Financial Group LLC lifted its holdings in shares of Bank of America by 21.1% in the fourth quarter. Goldstone Financial Group LLC now owns 18,763 shares of the financial services provider’s stock valued at $825,000 after purchasing an additional 3,271 shares in the last quarter. Finally, Channel Wealth LLC grew its position in shares of Bank of America by 3.7% in the fourth quarter. Channel Wealth LLC now owns 10,071 shares of the financial services provider’s stock valued at $443,000 after purchasing an additional 359 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $46.65 on Friday. The firm has a market capitalization of $357.91 billion, a PE ratio of 16.96, a P/E/G ratio of 1.23 and a beta of 1.33. Bank of America Co. has a 12 month low of $31.27 and a 12 month 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. The business has a 50-day moving average of $45.72 and a two-hundred day moving average of $42.34.

Bank of America (NYSE:BAC) last posted its quarterly 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. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates 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 quarter last year, the firm 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 brokerages recently issued reports on BAC. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Oppenheimer cut their target price on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.18.

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.