Secure Asset Management LLC Has $442,000 Holdings in Bank of America Co. (NYSE:BAC)

Secure Asset Management LLC trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 27.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,052 shares of the financial services provider’s stock after selling 3,825 shares during the period. Secure Asset Management LLC’s holdings in Bank of America were worth $442,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Point72 Hong Kong Ltd acquired a new position in shares of Bank of America during the second quarter valued at $182,000. Employees Retirement System of Texas raised its holdings in Bank of America by 27.3% during the 2nd quarter. Employees Retirement System of Texas now owns 93,145 shares of the financial services provider’s stock worth $3,704,000 after purchasing an additional 19,970 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new position in Bank of America during the 2nd quarter valued at about $240,000. Daymark Wealth Partners LLC boosted its stake in shares of Bank of America by 42.7% in the 2nd quarter. Daymark Wealth Partners LLC now owns 50,376 shares of the financial services provider’s stock valued at $2,003,000 after purchasing an additional 15,078 shares during the last quarter. Finally, Dark Forest Capital Management LP acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $693,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 0.2 %

BAC stock opened at $46.48 on Friday. The business has a 50-day moving average of $45.82 and a 200-day moving average of $42.57. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The stock has a market capitalization of $356.60 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.24 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

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 the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during 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 business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the business earned $0.70 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

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.