Mission Wealth Management LP Trims Holdings in Bank of America Corporation $BAC

Mission Wealth Management LP lessened its stake in Bank of America Corporation (NYSE:BAC) by 14.6% in the third quarter, Holdings Channel reports. The institutional investor owned 131,051 shares of the financial services provider’s stock after selling 22,393 shares during the quarter. Mission Wealth Management LP’s holdings in Bank of America were worth $6,761,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Quaker Wealth Management LLC raised its position in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 880 shares in the last quarter. Steph & Co. grew its holdings in Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after buying an additional 379 shares in the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America in the second quarter worth $28,000. Marquette Asset Management LLC bought a new position in shares of Bank of America in the third quarter worth $30,000. Finally, Mountain Hill Investment Partners Corp. bought a new stake in shares of Bank of America during the third quarter valued at about $31,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 1.6%

NYSE:BAC opened at $54.03 on Tuesday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $57.55. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $394.52 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 1.30 and a beta of 1.29. The stock’s 50-day moving average is $54.20 and its two-hundred day moving average is $51.65.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $27.73 billion. During the same period in the previous year, the company posted $0.82 EPS. Bank of America’s revenue was up 12.3% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on BAC. Argus raised their target price on shares of Bank of America from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, January 7th. Wells Fargo & Company boosted their target price on Bank of America from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Barclays increased their price target on Bank of America from $59.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Finally, Robert W. Baird boosted their price objective on Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.00.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.