Alpha Cubed Investments LLC Sells 3,094 Shares of Bank of America Co. (NYSE:BAC)

Alpha Cubed Investments LLC cut its stake in Bank of America Co. (NYSE:BAC) by 6.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 47,419 shares of the financial services provider’s stock after selling 3,094 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Bank of America were worth $2,084,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Accent Capital Management LLC boosted its holdings in Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments boosted its stake in shares of Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after buying an additional 36,089 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Baker Avenue Asset Management LP increased its position in shares of Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after acquiring an additional 33,983 shares during the last quarter. Finally, Copley Financial Group Inc. bought a new stake in Bank of America during the third quarter worth $550,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $46.54 on Tuesday. The firm has a 50 day simple moving average of $45.80 and a two-hundred day simple moving average 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 stock has a market cap of $357.13 billion, a PE ratio of 14.45, a P/E/G ratio of 1.27 and a beta of 1.33. Bank of America Co. has a one year low of $31.40 and a one year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the business posted $0.70 earnings per share. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, analysts predict that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday. Finally, Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America 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.