Cerro Pacific Wealth Advisors LLC Acquires 753 Shares of Bank of America Co. (NYSE:BAC)

Cerro Pacific Wealth Advisors LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 4.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,344 shares of the financial services provider’s stock after purchasing an additional 753 shares during the period. Cerro Pacific Wealth Advisors LLC’s holdings in Bank of America were worth $718,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC raised its position in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares during the last quarter. Legal & General Group Plc lifted its position in Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after purchasing an additional 895,884 shares during the period. Fisher Asset Management LLC boosted its holdings in Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after purchasing an additional 1,731,003 shares during the last quarter. Sanders Capital LLC grew its position in Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after purchasing an additional 601,211 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its stake in Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after buying an additional 59,853 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of research reports. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Morgan Stanley increased their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Finally, Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Up 1.4 %

Shares of BAC stock opened at $46.41 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $356.13 billion, a price-to-earnings ratio of 14.41, a price-to-earnings-growth ratio of 1.24 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 stock’s 50-day moving average price is $45.81 and its 200-day moving average price is $42.55.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same period in the prior year, the firm earned $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.67 EPS 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.