PB Investment Partners L.P. Has $16.59 Million Stake in Bank of America Co. (NYSE:BAC)

PB Investment Partners L.P. boosted its holdings in Bank of America Co. (NYSE:BAC) by 13.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 377,515 shares of the financial services provider’s stock after purchasing an additional 43,456 shares during the quarter. Bank of America accounts for 12.4% of PB Investment Partners L.P.’s investment portfolio, making the stock its 5th biggest holding. PB Investment Partners L.P.’s holdings in Bank of America were worth $16,592,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Marino Stram & Associates LLC increased its stake in Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares during the last quarter. Traveka Wealth LLC raised its stake in Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 226 shares during the period. Longfellow Investment Management Co. LLC raised its position in shares of Bank of America by 0.6% in the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the period. Beacon Investment Advisory Services Inc. boosted its holdings in shares of Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after acquiring an additional 231 shares during the period. Finally, Southland Equity Partners LLC grew its holdings in Bank of America by 2.6% during the 4th quarter. Southland Equity Partners LLC now owns 9,016 shares of the financial services provider’s stock valued at $396,000 after buying an additional 231 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BAC. Oppenheimer upped 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 report on Friday, January 17th. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Truist Financial boosted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company raised their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Up 0.2 %

Shares of BAC opened at $46.48 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $356.60 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The stock has a fifty day moving average of $45.82 and a two-hundred day moving average of $42.61. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08.

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