Brookmont Capital Management Has $3.19 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Brookmont Capital Management lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 3.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 72,531 shares of the financial services provider’s stock after selling 2,633 shares during the quarter. Bank of America comprises about 1.7% of Brookmont Capital Management’s portfolio, making the stock its 20th largest holding. Brookmont Capital Management’s holdings in Bank of America were worth $3,188,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Accent Capital Management LLC raised its stake in Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares in the last quarter. Summit Global Investments raised its stake in Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares in the last quarter. Geode Capital Management LLC raised its stake in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares in the last quarter. Baker Avenue Asset Management LP raised its stake in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares in the last quarter. Finally, Copley Financial Group Inc. acquired a new stake in Bank of America in the 3rd quarter worth about $550,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

Shares of NYSE BAC opened at $46.54 on Tuesday. The company has a market capitalization of $357.13 billion, a P/E ratio of 14.45, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. 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 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company’s 50 day moving average price is $45.79 and its 200-day moving average price is $42.44.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.70 EPS. Equities analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Piper Sandler dropped their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Friday. Barclays raised their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Wells Fargo & Company raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Oppenheimer raised their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday. 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 investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.