Sandy Cove Advisors LLC Buys 796 Shares of Bank of America Co. (NYSE:BAC)

Sandy Cove Advisors LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 10.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,427 shares of the financial services provider’s stock after acquiring an additional 796 shares during the period. Sandy Cove Advisors LLC’s holdings in Bank of America were worth $370,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the third quarter worth $29,000. Highline Wealth Partners LLC raised its stake in 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 purchasing an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC bought a new stake in Bank of America in the 4th quarter valued at about $42,000. Christopher J. Hasenberg Inc grew 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 purchasing an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the third quarter worth approximately $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 a number of analyst reports. Keefe, Bruyette & Woods increased their price target 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. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday. UBS Group raised 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 report on Tuesday, January 7th. Truist Financial raised their price objective on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note 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 research note on Monday, January 6th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Down 0.2 %

NYSE:BAC opened at $46.54 on Friday. Bank of America Co. has a 52 week low of $31.40 and a 52 week high of $48.08. 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’s fifty day moving average is $45.79 and its 200-day moving average is $42.42. The firm has a market cap of $357.13 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33.

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