Floyd Financial Group LLC Buys Shares of 13,050 Bank of America Co. (NYSE:BAC)

Floyd Financial Group LLC bought a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,050 shares of the financial services provider’s stock, valued at approximately $589,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wulff Hansen & CO. grew its stake in Bank of America by 3,720.6% during the 2nd quarter. Wulff Hansen & CO. now owns 2,025,221 shares of the financial services provider’s stock valued at $80,543,000 after acquiring an additional 1,972,213 shares in the last quarter. WealthPLAN Partners LLC grew its position in Bank of America by 2.6% during the second quarter. WealthPLAN Partners LLC now owns 28,826 shares of the financial services provider’s stock valued at $1,146,000 after purchasing an additional 717 shares in the last quarter. Luts & Greenleigh Group Inc. purchased a new position in Bank of America during the second quarter valued at approximately $227,000. Lmcg Investments LLC increased its stake in Bank of America by 3.2% in the 2nd quarter. Lmcg Investments LLC now owns 282,037 shares of the financial services provider’s stock valued at $11,217,000 after buying an additional 8,731 shares during the period. Finally, Edgestream Partners L.P. purchased a new stake in Bank of America in the 2nd quarter worth approximately $257,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $45.88 on Wednesday. The stock has a 50-day simple moving average of $45.69 and a 200 day simple moving average of $42.31. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. The stock has a market capitalization of $352.03 billion, a PE ratio of 16.68, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the business earned $0.90 earnings per share. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Evercore ISI upped their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Wells Fargo & Company boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

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.