MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Takes $37.57 Million Position in Bank of America Co. (NYSE:BAC)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 855,529 shares of the financial services provider’s stock, valued at approximately $37,566,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kennebec Savings Bank bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC raised its position 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 during the period. Retirement Wealth Solutions LLC bought a new stake in Bank of America in the fourth quarter worth $42,000. Christopher J. Hasenberg Inc boosted its position in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the third quarter valued at about $45,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of recent research reports. Barclays boosted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Finally, Piper Sandler decreased their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Up 1.4 %

NYSE BAC opened at $46.41 on Friday. The firm has a market capitalization of $356.13 billion, a PE ratio of 14.41, a P/E/G ratio of 1.24 and a beta of 1.33. The stock’s 50 day moving average is $45.81 and its 200 day moving average is $42.55. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. 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 (NYSE:BAC) last announced its earnings results 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. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.70 EPS. Research analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

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.