Bank of America Co. (NYSE:BAC) Position Reduced by Cardinal Capital Management Inc.

Cardinal Capital Management Inc. lowered its position in shares of Bank of America Co. (NYSE:BAC) by 8.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 7,757 shares of the financial services provider’s stock after selling 675 shares during the period. Cardinal Capital Management Inc.’s holdings in Bank of America were worth $341,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Mount Yale Investment Advisors LLC increased its stake in Bank of America by 20.7% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 7,557 shares of the financial services provider’s stock worth $301,000 after purchasing an additional 1,297 shares in the last quarter. Mill Creek Capital Advisors LLC raised its holdings in Bank of America by 10.3% in the 2nd quarter. Mill Creek Capital Advisors LLC now owns 8,883 shares of the financial services provider’s stock worth $353,000 after acquiring an additional 827 shares during the period. Wescott Financial Advisory Group LLC lifted its holdings in shares of Bank of America by 2.1% during the second quarter. Wescott Financial Advisory Group LLC now owns 14,851 shares of the financial services provider’s stock worth $591,000 after buying an additional 311 shares during the last quarter. Zurich Insurance Group Ltd FI raised its position in shares of Bank of America by 70.1% during the second quarter. Zurich Insurance Group Ltd FI now owns 3,641,002 shares of the financial services provider’s stock valued at $144,803,000 after buying an additional 1,501,073 shares during the last quarter. Finally, Fred Alger Management LLC boosted its stake in Bank of America by 4.8% during the second quarter. Fred Alger Management LLC now owns 187,002 shares of the financial services provider’s stock worth $7,437,000 after buying an additional 8,570 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC stock opened at $45.80 on Thursday. The business has a 50 day moving average of $45.81 and a 200-day moving average of $42.55. The firm has a market cap of $351.41 billion, a PE ratio of 14.22, a P/E/G ratio of 1.27 and a beta of 1.33. Bank of America Co. has a 12-month low of $32.35 and a 12-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 issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the firm earned $0.70 EPS. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Co. will post 3.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Evercore ISI cut their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Phillip Securities upgraded 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 report on Friday, October 18th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods boosted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

About Bank of America

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.