Bourgeon Capital Management LLC Lowers Position in Bank of America Co. (NYSE:BAC)

Bourgeon Capital Management LLC decreased its stake in Bank of America Co. (NYSE:BAC) by 1.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 279,276 shares of the financial services provider’s stock after selling 5,503 shares during the period. Bank of America comprises approximately 2.3% of Bourgeon Capital Management LLC’s holdings, making the stock its 14th biggest position. Bourgeon Capital Management LLC’s holdings in Bank of America were worth $12,274,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Fort Washington Investment Advisors Inc. OH lifted its stake in shares of Bank of America by 2.2% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 5,952,148 shares of the financial services provider’s stock valued at $261,597,000 after buying an additional 125,317 shares in the last quarter. Atomi Financial Group Inc. lifted its position in shares of Bank of America by 5.5% in the fourth quarter. Atomi Financial Group Inc. now owns 151,844 shares of the financial services provider’s stock valued at $6,674,000 after acquiring an additional 7,956 shares in the last quarter. Monterey Private Wealth Inc. lifted its position in shares of Bank of America by 4.0% in the fourth quarter. Monterey Private Wealth Inc. now owns 33,768 shares of the financial services provider’s stock valued at $1,484,000 after acquiring an additional 1,291 shares in the last quarter. Lockerman Financial Group Inc. boosted its stake in shares of Bank of America by 6.7% in the fourth quarter. Lockerman Financial Group Inc. now owns 8,101 shares of the financial services provider’s stock worth $356,000 after acquiring an additional 511 shares during the period. Finally, Clear Harbor Asset Management LLC raised its stake in Bank of America by 4.6% during the 4th quarter. Clear Harbor Asset Management LLC now owns 27,484 shares of the financial services provider’s stock valued at $1,208,000 after purchasing an additional 1,200 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $46.65 on Wednesday. The business has a fifty day moving average of $45.80 and a 200 day moving average of $42.48. The stock has a market cap of $357.92 billion, a P/E ratio of 14.49, a PEG ratio of 1.26 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 52-week low of $32.32 and a 52-week high of $48.08.

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

Analyst Ratings Changes

Several research analysts have weighed in on BAC shares. Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Truist Financial raised their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Oppenheimer boosted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

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.