Nisa Investment Advisors LLC lessened its holdings in shares of Bank of America Corp (NYSE:BAC) by 18.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,897,847 shares of the financial services provider’s stock after selling 880,767 shares during the quarter. Bank of America accounts for about 1.1% of Nisa Investment Advisors LLC’s investment portfolio, making the stock its 11th largest holding. Nisa Investment Advisors LLC’s holdings in Bank of America were worth $96,043,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Mackey Komara & Dankovich LLC acquired a new stake in Bank of America during the 4th quarter worth approximately $54,000. Watermark Asset Management Inc. increased its position in Bank of America by 24.3% during the 4th quarter. Watermark Asset Management Inc. now owns 2,595 shares of the financial services provider’s stock worth $64,000 after purchasing an additional 508 shares in the last quarter. Cardinal Capital Management Inc. acquired a new stake in Bank of America during the 3rd quarter worth approximately $106,000. Arlington Partners LLC acquired a new stake in Bank of America during the 3rd quarter worth approximately $118,000. Finally, Worth Venture Partners LLC acquired a new stake in Bank of America during the 3rd quarter worth approximately $166,000. 64.32% of the stock is owned by hedge funds and other institutional investors.
BAC has been the subject of a number of research analyst reports. Edward Jones raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, January 9th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 target price for the company in a research report on Tuesday, January 8th. Jefferies Financial Group reissued a “buy” rating on shares of Bank of America in a research report on Tuesday, January 8th. Wells Fargo & Co set a $36.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, January 16th. Finally, Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research report on Monday. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $33.40.
NYSE BAC opened at $29.09 on Wednesday. The company has a market capitalization of $300.14 billion, a price-to-earnings ratio of 11.15, a P/E/G ratio of 1.29 and a beta of 1.31. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $33.05. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.92 and a quick ratio of 0.91.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.07. The firm had revenue of $22.89 billion during the quarter, compared to analysts’ expectations of $22.37 billion. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. Bank of America’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.48 EPS. As a group, sell-side analysts forecast that Bank of America Corp will post 2.84 earnings per share for the current fiscal year.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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