Cherrydale Wealth Management LLC Has $441,000 Holdings in Bank of America Co. (NYSE:BAC)

Cherrydale Wealth Management LLC grew its position in Bank of America Co. (NYSE:BAC) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,027 shares of the financial services provider’s stock after purchasing an additional 399 shares during the quarter. Cherrydale Wealth Management LLC’s holdings in Bank of America were worth $441,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of BAC. Edgestream Partners L.P. acquired a new position in Bank of America in the second quarter valued at approximately $257,000. Ieq Capital LLC lifted its position in shares of Bank of America by 17.2% during the 2nd quarter. Ieq Capital LLC now owns 305,830 shares of the financial services provider’s stock valued at $12,163,000 after acquiring an additional 44,821 shares during the period. GM Advisory Group LLC boosted its stake in Bank of America by 1.3% during the second quarter. GM Advisory Group LLC now owns 35,567 shares of the financial services provider’s stock worth $1,414,000 after acquiring an additional 446 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Bank of America by 7.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 97,751 shares of the financial services provider’s stock valued at $3,887,000 after purchasing an additional 6,385 shares in the last quarter. Finally, Callan Capital LLC raised its holdings in shares of Bank of America by 8.1% during the second quarter. Callan Capital LLC now owns 26,871 shares of the financial services provider’s stock valued at $1,069,000 after purchasing an additional 2,019 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. Keefe, Bruyette & Woods upped their target price 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. Morgan Stanley lifted their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday. Evercore ISI lowered their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

NYSE BAC traded down $0.10 during trading hours on Friday, hitting $46.54. The company had a trading volume of 44,307,437 shares, compared to its average volume of 26,125,426. Bank of America Co. has a 52 week low of $31.40 and a 52 week high of $48.08. The firm has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a 50 day simple moving average of $45.76 and a 200 day simple moving average of $42.37.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the previous year, the business earned $0.70 earnings per share. The firm’s revenue was up 15.0% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.24 earnings per share for the current year.

Bank of America 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.