Beacon Investment Advisory Services Inc. Sells 3,817 Shares of Bank of America Co. (NYSE:BAC)

Beacon Investment Advisory Services Inc. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 18.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,046 shares of the financial services provider’s stock after selling 3,817 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Bank of America were worth $749,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Endeavor Private Wealth Inc. bought a new position in shares of Bank of America during the fourth quarter worth $131,000. MinichMacGregor Wealth Management LLC purchased a new stake in Bank of America in the 4th quarter worth $277,000. Mutual Advisors LLC boosted its holdings in shares of Bank of America by 0.9% during the 4th quarter. Mutual Advisors LLC now owns 91,764 shares of the financial services provider’s stock valued at $4,280,000 after purchasing an additional 862 shares during the last quarter. True North Advisors LLC grew its position in shares of Bank of America by 405.3% during the fourth quarter. True North Advisors LLC now owns 101,735 shares of the financial services provider’s stock valued at $4,471,000 after purchasing an additional 81,603 shares in the last quarter. Finally, Traynor Capital Management Inc. increased its holdings in shares of Bank of America by 16.7% in the fourth quarter. Traynor Capital Management Inc. now owns 21,722 shares of the financial services provider’s stock worth $955,000 after purchasing an additional 3,103 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on BAC shares. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Piper Sandler cut their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Oppenheimer lifted their price objective 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. Finally, Barclays upped their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Up 1.4 %

NYSE BAC opened at $46.41 on Friday. The stock has a market cap of $356.13 billion, a PE ratio of 14.41, a PEG ratio of 1.27 and a beta of 1.33. Bank of America Co. has a 12 month low of $32.35 and a 12 month high of $48.08. The company’s 50-day moving average price is $45.81 and its 200-day moving average price is $42.55. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its 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 business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the firm earned $0.70 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities research analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

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.