Contravisory Investment Management Inc. Sells 366 Shares of Bank of America Co. (NYSE:BAC)

Contravisory Investment Management Inc. decreased its position in shares of Bank of America Co. (NYSE:BAC) by 0.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 217,311 shares of the financial services provider’s stock after selling 366 shares during the quarter. Bank of America makes up 2.0% of Contravisory Investment Management Inc.’s investment portfolio, making the stock its 13th largest position. Contravisory Investment Management Inc.’s holdings in Bank of America were worth $9,551,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Two Sigma Advisers LP raised its position in shares of Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares during the period. 1832 Asset Management L.P. grew its holdings in Bank of America by 1,432.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after buying an additional 5,749,567 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Bank of America by 193.4% in 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 acquiring an additional 5,015,378 shares during the period. International Assets Investment Management LLC grew 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 acquiring an additional 4,423,215 shares in the last quarter. Finally, D1 Capital Partners L.P. bought a new stake in Bank of America during the 3rd quarter worth approximately $174,858,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BAC has been the subject of several research analyst reports. Piper Sandler boosted their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods lifted 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Up 3.2 %

BAC opened at $47.23 on Thursday. The firm has a 50-day simple moving average of $45.69 and a two-hundred day simple moving average of $42.31. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08. The company has a market capitalization of $362.39 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Analysts forecast that Bank of America Co. will post 3.24 earnings per share for the current fiscal 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.