Financial Avengers Inc. increased its stake in Bank of America Co. (NYSE:BAC) by 0.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 198,317 shares of the financial services provider’s stock after acquiring an additional 1,496 shares during the period. Bank of America makes up about 4.9% of Financial Avengers Inc.’s holdings, making the stock its 7th largest holding. Financial Avengers Inc.’s holdings in Bank of America were worth $5,989,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of BAC. Snider Financial Group raised its stake in Bank of America by 9,477.3% in the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after buying an additional 14,297,496 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Bank of America by 3,474.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock valued at $480,579,000 after buying an additional 11,332,721 shares in the last quarter. Capital Research Global Investors acquired a new stake in Bank of America in the first quarter valued at $395,481,000. Great West Life Assurance Co. Can acquired a new stake in Bank of America in the third quarter valued at $159,465,000. Finally, CI Investments Inc. raised its stake in Bank of America by 162.6% in the second quarter. CI Investments Inc. now owns 5,983,883 shares of the financial services provider’s stock valued at $186,278,000 after buying an additional 3,705,421 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Stock Performance
Shares of NYSE BAC traded down $0.10 during midday trading on Wednesday, reaching $34.47. 4,803,124 shares of the company were exchanged, compared to its average volume of 41,183,934. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 1.13. Bank of America Co. has a 1 year low of $29.31 and a 1 year high of $50.11. The stock has a fifty day simple moving average of $34.33 and a 200 day simple moving average of $34.06. The stock has a market cap of $276.53 billion, a P/E ratio of 10.84, a PEG ratio of 1.39 and a beta of 1.39.
Insider Buying and Selling at Bank of America
In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 4 shares of Bank of America stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $23,750.00, for a total value of $95,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.26% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on BAC. Deutsche Bank Aktiengesellschaft cut Bank of America from a “buy” rating to a “hold” rating and cut their price target for the company from $45.00 to $36.00 in a research note on Friday, January 6th. Piper Sandler cut Bank of America from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $36.00 to $33.00 in a research report on Tuesday, January 17th. Morgan Stanley cut their target price on Bank of America from $38.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 15th. Barclays cut their target price on Bank of America from $51.00 to $48.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 3rd. Finally, The Goldman Sachs Group cut their target price on Bank of America from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, October 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and an average target price of $40.75.
Bank of America Profile
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
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