Sawyer & Company Inc Lowers Stake in Bank of America Co. (NYSE:BAC)

Sawyer & Company Inc cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 11,607 shares of the financial services provider’s stock after selling 358 shares during the period. Sawyer & Company Inc’s holdings in Bank of America were worth $510,000 at the end of the most recent reporting period.

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

Bank of America Stock Performance

NYSE BAC opened at $47.23 on Thursday. The stock has a fifty day simple moving average of $45.69 and a 200-day simple moving average of $42.31. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market cap of $362.39 billion, a PE ratio of 17.17, a P/E/G ratio of 1.23 and a beta of 1.33. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period last year, the business earned $0.90 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current year.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday, October 18th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. 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. Finally, Truist Financial assumed coverage on shares of Bank of America in a research note on Tuesday, January 7th. They set a “buy” rating and a $52.00 price objective for the company. 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 stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.