Market Street Wealth Management Advisors LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Market Street Wealth Management Advisors LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,799 shares of the financial services provider’s stock, valued at approximately $255,000.

Several other hedge funds have also recently bought and sold shares of the business. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC boosted its position in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the period. Retirement Wealth Solutions LLC acquired a new position in Bank of America during the fourth quarter valued at approximately $42,000. Christopher J. Hasenberg Inc raised its position in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the third quarter worth $45,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Down 1.8 %

Shares of Bank of America stock opened at $45.80 on Thursday. The stock has a market capitalization of $351.41 billion, a P/E ratio of 14.22, a price-to-earnings-growth 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. The company has a 50-day simple moving average of $45.81 and a 200 day simple moving average of $42.55.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the company posted $0.70 earnings per share. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America 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.