Cerro Pacific Wealth Advisors LLC Buys 753 Shares of Bank of America Co. (NYSE:BAC)

Cerro Pacific Wealth Advisors LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 4.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 16,344 shares of the financial services provider’s stock after purchasing an additional 753 shares during the quarter. Cerro Pacific Wealth Advisors LLC’s holdings in Bank of America were worth $718,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Two Sigma Advisers LP raised its stake 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 acquiring an additional 10,175,100 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its position in Bank of America by 193.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after purchasing an additional 5,015,378 shares during the period. International Assets Investment Management LLC lifted its stake 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 purchasing an additional 4,423,215 shares during the last quarter. D1 Capital Partners L.P. purchased a new position in shares of Bank of America during the third quarter valued at approximately $174,858,000. Finally, Clearbridge Investments LLC raised its holdings in shares of Bank of America by 23.6% in the second 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 period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $46.41 on Friday. The company has a 50 day moving average of $45.81 and a two-hundred day moving average of $42.55. The company has a market cap of $356.13 billion, a price-to-earnings ratio of 14.41, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the firm earned $0.70 EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, analysts predict that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on BAC. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Piper Sandler lowered 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 report on Friday, January 17th. Truist Financial raised their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. One investment 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.