Mount Yale Investment Advisors LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,763 shares of the financial services provider's stock after purchasing an additional 959 shares during the period. Mount Yale Investment Advisors LLC's holdings in Bank of America were worth $748,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Richelieu Gestion PLC acquired a new stake in shares of Bank of America during the second quarter valued at approximately $27,000. Truvestments Capital LLC acquired a new position in shares of Bank of America during the 2nd quarter worth $29,000. Avondale Wealth Management acquired a new position in shares of Bank of America during the 3rd quarter worth $30,000. Moisand Fitzgerald Tamayo LLC increased its stake in shares of Bank of America by 180.0% during the 2nd quarter. Moisand Fitzgerald Tamayo LLC now owns 1,008 shares of the financial services provider's stock worth $31,000 after purchasing an additional 648 shares during the last quarter. Finally, Lee Financial Co increased its stake in shares of Bank of America by 42.3% during the 2nd quarter. Lee Financial Co now owns 989 shares of the financial services provider's stock worth $31,000 after purchasing an additional 294 shares during the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.
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Insider Buying and Selling at Bank of America
In other news, major shareholder Of America Corp /De/ Bank sold 4 shares of the stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $23,750.00, for a total value of $95,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.26% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have recently commented on BAC. Odeon Capital Group upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $38.44 price target on the stock in a research note on Tuesday, January 10th. StockNews.com started coverage on shares of Bank of America in a research note on Wednesday, October 12th. They set a "hold" rating on the stock. BMO Capital Markets upped their price objective on shares of Bank of America from $41.00 to $42.00 in a report on Tuesday, October 18th. Morgan Stanley decreased their price objective on shares of Bank of America from $38.00 to $37.00 and set an "equal weight" rating for the company in a report on Thursday, December 15th. Finally, Barclays decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an "overweight" rating for the company in a report on Tuesday, January 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $40.75.
Bank of America Price Performance
Shares of Bank of America stock opened at $35.45 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.78 and a quick ratio of 0.77. Bank of America Co. has a fifty-two week low of $29.31 and a fifty-two week high of $50.11. The firm has a fifty day moving average price of $34.21 and a two-hundred day moving average price of $34.10. The company has a market cap of $284.40 billion, a PE ratio of 11.11, a price-to-earnings-growth ratio of 1.44 and a beta of 1.39.
Bank of America (NYSE:BAC – Get Rating) last issued its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts' consensus estimates of $0.79 by $0.06. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. The firm had revenue of $24.50 billion during the quarter, compared to the consensus estimate of $24.17 billion. During the same period in the prior year, the firm earned $0.82 EPS. The business's revenue was up 11.1% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.52 EPS for the current year.
Bank of America Profile
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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
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