Requisite Capital Management LLC Invests $232,000 in Bank of America Co. (NYSE:BAC)

Requisite Capital Management LLC bought a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, HoldingsChannel reports. The fund bought 5,276 shares of the financial services provider’s stock, valued at approximately $232,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Accent Capital Management LLC increased its position in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after acquiring an additional 11,873 shares during the last quarter. Summit Global Investments grew its stake in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares in the last quarter. Geode Capital Management LLC grew its stake in 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 purchasing an additional 1,700,141 shares in the last quarter. Baker Avenue Asset Management LP raised its stake in shares of Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares in the last quarter. Finally, Copley Financial Group Inc. acquired a new stake in shares of Bank of America in the 3rd quarter valued at approximately $550,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.2 %

BAC opened at $46.48 on Friday. The stock has a market capitalization of $356.60 billion, a price-to-earnings ratio of 14.43, a P/E/G ratio of 1.24 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The company has a 50-day simple moving average of $45.82 and a 200 day simple moving average of $42.61.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.70 EPS. Analysts predict that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BAC. Barclays boosted their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Truist Financial lifted their price target on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price 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.