Spire Wealth Management lowered its stake in Bank of America Co. (NYSE:BAC) by 51.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,363 shares of the financial services provider's stock after selling 52,889 shares during the period. Spire Wealth Management's holdings in Bank of America were worth $1,521,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Ceredex Value Advisors LLC grew its position in Bank of America by 60.1% during the third quarter. Ceredex Value Advisors LLC now owns 2,965,473 shares of the financial services provider's stock valued at $89,558,000 after buying an additional 1,112,974 shares during the period. Personal Capital Advisors Corp grew its position in Bank of America by 13.2% during the third quarter. Personal Capital Advisors Corp now owns 2,756,249 shares of the financial services provider's stock valued at $83,239,000 after buying an additional 321,824 shares during the period. Lincluden Management Ltd. grew its position in Bank of America by 7.2% during the third quarter. Lincluden Management Ltd. now owns 147,642 shares of the financial services provider's stock valued at $4,459,000 after buying an additional 9,930 shares during the period. AM Investment Strategies LLC grew its position in Bank of America by 5.7% during the third quarter. AM Investment Strategies LLC now owns 54,802 shares of the financial services provider's stock valued at $1,655,000 after buying an additional 2,938 shares during the period. Finally, Asset Management Advisors LLC grew its position in Bank of America by 31.2% during the third quarter. Asset Management Advisors LLC now owns 154,635 shares of the financial services provider's stock valued at $4,670,000 after buying an additional 36,765 shares during the period. Hedge funds and other institutional investors own 68.34% of the company's stock.
Get Bank of America alerts:Insider Buying and Selling at Bank of America
In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 4 shares of Bank of America stock in a transaction dated Wednesday, November 16th. The shares were sold at an average price of $23,750.00, for a total transaction of $95,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.26% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently commented on BAC shares. The Goldman Sachs Group dropped their price target on shares of Bank of America from $42.00 to $40.00 and set a "buy" rating on the stock in a research report on Tuesday, October 4th. JPMorgan Chase & Co. lifted their target price on shares of Bank of America from $35.50 to $39.00 in a research report on Wednesday, November 2nd. BMO Capital Markets lifted their target price on shares of Bank of America from $41.00 to $42.00 in a research report on Tuesday, October 18th. Deutsche Bank Aktiengesellschaft lowered shares of Bank of America from a "buy" rating to a "hold" rating and dropped their target price for the company from $45.00 to $36.00 in a research report on Friday, January 6th. Finally, Barclays dropped their target price on shares of Bank of America from $51.00 to $48.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $40.75.Bank of America Price Performance
Shares of BAC stock opened at $35.34 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. The firm's 50-day moving average is $34.28 and its two-hundred day moving average is $34.07. Bank of America Co. has a 12 month low of $29.31 and a 12 month high of $50.11. The company has a market capitalization of $283.51 billion, a PE ratio of 11.08, a price-to-earnings-growth ratio of 1.41 and a beta of 1.39.
Bank of America (NYSE:BAC – Get Rating) last issued its earnings results on Friday, January 13th. The financial services provider reported $0.85 EPS for the quarter, topping 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 company had revenue of $24.50 billion for the quarter, compared to the consensus estimate of $24.17 billion. During the same period in the previous year, the firm earned $0.82 earnings per share. Bank of America's quarterly revenue was up 11.1% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.52 earnings per share for the current year.
Bank of America Company 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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