Paragon Financial Partners Inc. Reduces Position in Bank of America Co. (NYSE:BAC)

Paragon Financial Partners Inc. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 30,236 shares of the financial services provider’s stock after selling 970 shares during the quarter. Bank of America comprises about 1.0% of Paragon Financial Partners Inc.’s holdings, making the stock its 19th biggest position. Paragon Financial Partners Inc.’s holdings in Bank of America were worth $1,329,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of BAC. Two Sigma Advisers LP grew its holdings in shares of Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its position in Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares during the last quarter. International Assets Investment Management LLC lifted its position in Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after buying an additional 4,423,215 shares during the last quarter. D1 Capital Partners L.P. acquired a new position in Bank of America in the third quarter valued at about $174,858,000. Finally, Clearbridge Investments LLC lifted its position in Bank of America by 23.6% in the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after buying an additional 3,109,197 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several recent research reports. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Trading Down 1.8 %

Shares of BAC stock opened at $45.80 on Thursday. The firm has a 50-day moving average price of $45.81 and a 200 day moving average price of $42.52. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The company has a market capitalization of $351.41 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.27 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

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.