Janney Capital Management LLC Sells 26,809 Shares of Bank of America Co. (NYSE:BAC)

Janney Capital Management LLC lowered its position in Bank of America Co. (NYSE:BAC) by 9.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 252,063 shares of the financial services provider’s stock after selling 26,809 shares during the quarter. Janney Capital Management LLC’s holdings in Bank of America were worth $11,078,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. Two Sigma Advisers LP raised its holdings in shares of Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after acquiring an additional 10,175,100 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in 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 purchasing an additional 5,015,378 shares in the last quarter. International Assets Investment Management LLC lifted its position 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 purchasing an additional 4,423,215 shares during the last quarter. D1 Capital Partners L.P. purchased a new position in Bank of America in the 3rd quarter worth approximately $174,858,000. Finally, Clearbridge Investments LLC increased its holdings in shares of Bank of America by 23.6% in the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after buying an additional 3,109,197 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

BAC stock opened at $46.55 on Wednesday. The company has a market capitalization of $357.19 billion, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 1.26 and a beta of 1.33. 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 business’s 50 day moving average price is $45.81 and its two-hundred day moving average price is $42.52. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last released its 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the prior year, the firm earned $0.70 EPS. The company’s revenue was up 15.0% compared to the same quarter last year. As a group, analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on BAC. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Truist Financial upped their price objective on Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Evercore ISI decreased their price objective 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. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Finally, Piper Sandler decreased their price target on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. One 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 company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.