True North Advisors LLC Increases Stock Holdings in Bank of America Co. (NYSE:BAC)

True North Advisors LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 405.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 101,735 shares of the financial services provider’s stock after buying an additional 81,603 shares during the quarter. Bank of America comprises about 1.1% of True North Advisors LLC’s holdings, making the stock its 15th biggest holding. True North Advisors LLC’s holdings in Bank of America were worth $4,471,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of BAC. Mount Yale Investment Advisors LLC increased its holdings in shares of Bank of America by 20.7% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 7,557 shares of the financial services provider’s stock valued at $301,000 after acquiring an additional 1,297 shares during the period. Mill Creek Capital Advisors LLC increased its stake in Bank of America by 10.3% in the second quarter. Mill Creek Capital Advisors LLC now owns 8,883 shares of the financial services provider’s stock valued at $353,000 after purchasing an additional 827 shares during the period. Wescott Financial Advisory Group LLC raised its holdings in shares of Bank of America by 2.1% in the second quarter. Wescott Financial Advisory Group LLC now owns 14,851 shares of the financial services provider’s stock valued at $591,000 after buying an additional 311 shares during the last quarter. Zurich Insurance Group Ltd FI boosted its stake in shares of Bank of America by 70.1% during the second quarter. Zurich Insurance Group Ltd FI now owns 3,641,002 shares of the financial services provider’s stock worth $144,803,000 after buying an additional 1,501,073 shares during the period. Finally, Fred Alger Management LLC grew its holdings in shares of Bank of America by 4.8% during the second quarter. Fred Alger Management LLC now owns 187,002 shares of the financial services provider’s stock worth $7,437,000 after buying an additional 8,570 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Piper Sandler decreased their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Truist Financial lifted their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. 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 MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Bank of America stock opened at $45.80 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The stock has a fifty day moving average of $45.81 and a two-hundred day moving average of $42.52. The company has a market capitalization of $351.41 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.27 and a beta of 1.33.

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