6,297 Shares in Bank of America Co. (NYSE:BAC) Bought by MinichMacGregor Wealth Management LLC

MinichMacGregor Wealth Management LLC purchased a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,297 shares of the financial services provider’s stock, valued at approximately $277,000.

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

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Evercore ISI reduced their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Finally, Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

Shares of BAC stock opened at $45.80 on Thursday. The stock has a market cap of $351.41 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The stock has a 50-day moving average of $45.81 and a 200-day moving average of $42.55. 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 one year low of $32.35 and a one year high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping 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 company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the business posted $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Co. will post 3.67 earnings per share for the current year.

About Bank of America

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.