Court Place Advisors LLC Lowers Position in Bank of America Co. (NYSE:BAC)

Court Place Advisors LLC trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 21.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 23,422 shares of the financial services provider’s stock after selling 6,558 shares during the period. Court Place Advisors LLC’s holdings in Bank of America were worth $1,029,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Nilsine Partners LLC grew its position in shares of Bank of America by 15.1% during the fourth quarter. Nilsine Partners LLC now owns 31,741 shares of the financial services provider’s stock valued at $1,395,000 after purchasing an additional 4,166 shares in the last quarter. Berkshire Bank grew its holdings in Bank of America by 1.5% during the 4th quarter. Berkshire Bank now owns 74,167 shares of the financial services provider’s stock valued at $3,260,000 after buying an additional 1,119 shares in the last quarter. Cherry Creek Investment Advisors Inc. increased its stake in Bank of America by 12.4% in the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 21,079 shares of the financial services provider’s stock worth $926,000 after acquiring an additional 2,318 shares during the last quarter. Lebenthal Global Advisors LLC raised its holdings in shares of Bank of America by 61.2% during the 4th quarter. Lebenthal Global Advisors LLC now owns 8,743 shares of the financial services provider’s stock worth $384,000 after acquiring an additional 3,319 shares in the last quarter. Finally, Foundations Investment Advisors LLC boosted its position in shares of Bank of America by 3.3% during the 4th quarter. Foundations Investment Advisors LLC now owns 50,703 shares of the financial services provider’s stock valued at $2,228,000 after acquiring an additional 1,599 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $47.06 on Tuesday. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The company has a market capitalization of $361.10 billion, a PE ratio of 14.62, a P/E/G ratio of 1.24 and a beta of 1.33. The company has a 50 day moving average price of $45.82 and a 200-day moving average price of $42.63. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAC. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.