Zuckerman Investment Group LLC Raises Position in Bank of America Co. (NYSE:BAC)

Zuckerman Investment Group LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 13.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 174,124 shares of the financial services provider’s stock after acquiring an additional 20,162 shares during the period. Zuckerman Investment Group LLC’s holdings in Bank of America were worth $5,259,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in BAC. Congress Park Capital LLC lifted its holdings in Bank of America by 32.0% during the third quarter. Congress Park Capital LLC now owns 43,420 shares of the financial services provider’s stock valued at $1,311,000 after purchasing an additional 10,525 shares in the last quarter. Northwest Wealth Management LLC boosted its holdings in Bank of America by 31.0% in the 2nd quarter. Northwest Wealth Management LLC now owns 7,441 shares of the financial services provider’s stock worth $232,000 after buying an additional 1,760 shares during the period. Main Street Financial Solutions LLC increased its stake in Bank of America by 3.0% in the 2nd quarter. Main Street Financial Solutions LLC now owns 24,286 shares of the financial services provider’s stock worth $756,000 after buying an additional 717 shares in the last quarter. Virtu Financial LLC raised its holdings in Bank of America by 211.9% during the second quarter. Virtu Financial LLC now owns 103,594 shares of the financial services provider’s stock valued at $3,225,000 after acquiring an additional 70,379 shares during the period. Finally, Corundum Group Inc. lifted its position in shares of Bank of America by 16.8% in the second quarter. Corundum Group Inc. now owns 22,658 shares of the financial services provider’s stock valued at $705,000 after acquiring an additional 3,262 shares in the last quarter. Institutional investors own 68.34% of the company’s stock.

Insider Transactions at Bank of America

In related news, major shareholder Of America Corp /De/ Bank sold 4 shares of the company’s stock in a transaction dated Wednesday, November 16th. The shares were sold at an average price of $23,750.00, for a total transaction of $95,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.26% of the company’s stock.

Bank of America Trading Down 0.3 %

Shares of NYSE:BAC traded down $0.10 during trading on Wednesday, hitting $34.47. The company had a trading volume of 4,803,124 shares, compared to its average volume of 41,183,934. The stock has a market cap of $276.53 billion, a price-to-earnings ratio of 10.84, a price-to-earnings-growth ratio of 1.39 and a beta of 1.39. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.78 and a quick ratio of 0.77. The company has a fifty day simple moving average of $34.33 and a two-hundred day simple moving average of $34.06. Bank of America Co. has a one year low of $29.31 and a one year high of $50.11.

Bank of America (NYSE:BACGet Rating) last issued its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. Bank of America had a return on equity of 11.41% and a net margin of 23.93%. The company had revenue of $24.50 billion during the quarter, compared to the consensus estimate of $24.17 billion. During the same period last year, the company earned $0.82 earnings per share. Bank of America’s revenue was up 11.1% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 3.52 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. The Goldman Sachs Group dropped their price target on Bank of America from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, October 4th. Morgan Stanley cut their target price on shares of Bank of America from $38.00 to $37.00 and set an “equal weight” rating for the company in a research note on Thursday, December 15th. Piper Sandler cut shares of Bank of America from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $36.00 to $33.00 in a research note on Tuesday, January 17th. Deutsche Bank Aktiengesellschaft downgraded shares of Bank of America from a “buy” rating to a “hold” rating and dropped their price objective for the company from $45.00 to $36.00 in a report on Friday, January 6th. Finally, BMO Capital Markets boosted their target price on Bank of America from $41.00 to $42.00 in a research report on Tuesday, October 18th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $40.75.

About Bank of America

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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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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