Fifth Third Wealth Advisors LLC Purchases 10,826 Shares of Bank of America Co. (NYSE:BAC)

Fifth Third Wealth Advisors LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 6.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,461 shares of the financial services provider’s stock after buying an additional 10,826 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Bank of America were worth $8,371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Two Sigma Advisers LP increased its holdings in Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after acquiring an additional 10,175,100 shares during the last quarter. 1832 Asset Management L.P. lifted its position in shares of Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after buying an additional 5,749,567 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after buying an additional 4,423,215 shares during the last quarter. Finally, D1 Capital Partners L.P. bought a new stake in Bank of America in the 3rd quarter worth approximately $174,858,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BAC. Truist Financial started coverage on Bank of America in a research report on Tuesday, January 7th. They set a “buy” rating and a $52.00 target price for the company. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Piper Sandler boosted their target price on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $48.00 to $55.00 in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Up 1.8 %

Shares of Bank of America stock opened at $45.88 on Wednesday. The company has a market cap of $352.03 billion, a P/E ratio of 16.68, a PEG ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 52-week low of $31.27 and a 52-week high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average price is $45.69 and its 200-day moving average price is $42.31.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

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.