Falcon Wealth Planning Reduces Holdings in Bank of America Co. (NYSE:BAC)

Falcon Wealth Planning decreased its position in shares of Bank of America Co. (NYSE:BAC) by 3.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,884 shares of the financial services provider’s stock after selling 1,677 shares during the period. Falcon Wealth Planning’s holdings in Bank of America were worth $1,885,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC boosted its stake in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Christopher J. Hasenberg Inc grew its holdings in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new position in Bank of America in the 4th quarter worth about $42,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America during the 3rd quarter valued at about $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.4 %

Shares of NYSE:BAC opened at $46.88 on Wednesday. The business’s 50-day moving average is $45.82 and its 200 day moving average is $42.67. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The firm has a market capitalization of $359.70 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm posted $0.70 EPS. On average, research analysts predict that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on BAC shares. Oppenheimer raised their target price 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. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Truist Financial raised their price target on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Morgan Stanley upped their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Bank of America presently has an average 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.