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

Tompkins Financial Corp reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 11.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,924 shares of the financial services provider’s stock after selling 853 shares during the quarter. Tompkins Financial Corp’s holdings in Bank of America were worth $304,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Kennebec Savings Bank purchased a new stake in shares of Bank of America during the third quarter valued at approximately $29,000. Highline Wealth Partners LLC grew its holdings in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc increased its stake in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the period. Northwest Investment Counselors LLC purchased a new position in Bank of America in the 3rd quarter valued at about $45,000. Finally, Truvestments Capital LLC acquired a new stake in shares of Bank of America during the third quarter valued at about $73,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on BAC. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Keefe, Bruyette & Woods increased their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $48.18.

Bank of America Stock Performance

Shares of BAC opened at $46.65 on Friday. 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 Co. has a 1 year low of $31.27 and a 1 year high of $48.08. The firm has a fifty day moving average of $45.72 and a 200-day moving average of $42.34. The company has a market cap of $357.91 billion, a price-to-earnings ratio of 16.96, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm 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 business posted $0.70 EPS. Bank of America’s revenue was up 15.0% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current year.

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.