Cohen Klingenstein LLC Reduces Stock Position in Bank of America Co. (NYSE:BAC)

Cohen Klingenstein LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 3.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 277,806 shares of the financial services provider’s stock after selling 10,749 shares during the period. Cohen Klingenstein LLC’s holdings in Bank of America were worth $12,210,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Two Sigma Advisers LP grew its holdings in shares of Bank of America by 31,021.6% during 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 last quarter. 1832 Asset Management L.P. boosted its position 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 worth $244,627,000 after acquiring an additional 5,749,567 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Bank of America by 193.4% during the 3rd 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 purchasing an additional 5,015,378 shares in the last quarter. International Assets Investment Management LLC grew its position in Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $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 shares of Bank of America during the 3rd quarter worth $174,858,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research note on Friday, October 18th. Evercore ISI lowered their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday. Morgan Stanley boosted their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.54 on Friday. Bank of America Co. has a 12 month low of $31.40 and a 12 month high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $357.13 billion, a PE ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The stock’s fifty day simple moving average is $45.76 and its 200 day simple moving average is $42.37.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm posted $0.70 EPS. The company’s quarterly revenue was up 15.0% on a year-over-year basis. On average, research analysts predict that Bank of America Co. will post 3.24 EPS for the current 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.