Andina Capital Management LLC Takes Position in Bank of America Co. (NYSE:BAC)

Andina Capital Management LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,000 shares of the financial services provider’s stock, valued at approximately $220,000.

Other institutional investors also recently added to or reduced their stakes in the company. Marino Stram & Associates LLC boosted its position in Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares in the last quarter. Traveka Wealth LLC boosted its holdings in shares of Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 226 shares in the last quarter. Longfellow Investment Management Co. LLC grew its position in Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after acquiring an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. increased its holdings in Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after purchasing an additional 231 shares in the last quarter. Finally, Southland Equity Partners LLC raised its position in Bank of America by 2.6% in the 4th quarter. Southland Equity Partners LLC now owns 9,016 shares of the financial services provider’s stock valued at $396,000 after purchasing an additional 231 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BAC. HSBC upgraded 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. Morgan Stanley upped their target price 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. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Oppenheimer upped their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, Truist Financial lifted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.48 on Friday. The stock has a market capitalization of $356.60 billion, a PE ratio of 14.43, a P/E/G ratio of 1.24 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business has a fifty day moving average price of $45.82 and a two-hundred day moving average price of $42.61.

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