Beech Hill Advisors Inc. Has $499,000 Position in Bank of America Co. (NYSE:BAC)

Beech Hill Advisors Inc. lessened its position in Bank of America Co. (NYSE:BAC) by 4.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 11,350 shares of the financial services provider’s stock after selling 500 shares during the quarter. Beech Hill Advisors Inc.’s holdings in Bank of America were worth $499,000 as of its most recent SEC filing.

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

Bank of America Price Performance

BAC stock traded down $0.19 during mid-day trading on Thursday, hitting $46.91. The stock had a trading volume of 6,944,582 shares, compared to its average volume of 33,251,766. The firm has a fifty day simple moving average of $45.69 and a 200 day simple moving average of $42.31. The firm has a market capitalization of $359.93 billion, a P/E ratio of 17.06, a P/E/G ratio of 1.23 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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 net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, research analysts forecast that Bank of America Co. will post 3.24 EPS for the current year.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Truist Financial initiated coverage on shares of Bank of America in a research report on Tuesday, January 7th. They set a “buy” rating and a $52.00 price target on the stock. Finally, Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $48.00 to $55.00 in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

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.