Matrix Asset Advisors Inc. NY Increases Position in Bank of America Co. (NYSE:BAC)

Matrix Asset Advisors Inc. NY lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 912.6% during the 4th quarter, Holdings Channel reports. The firm owned 63,801 shares of the financial services provider’s stock after buying an additional 57,500 shares during the period. Matrix Asset Advisors Inc. NY’s holdings in Bank of America were worth $2,804,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Driehaus Capital Management LLC grew its position in shares of Bank of America by 56.8% during the second quarter. Driehaus Capital Management LLC now owns 21,993 shares of the financial services provider’s stock worth $875,000 after buying an additional 7,964 shares in the last quarter. Magnolia Capital Advisors LLC purchased a new stake in Bank of America during the 2nd quarter worth about $743,000. Silver Lake Advisory LLC boosted its position in shares of Bank of America by 6.2% during the 2nd quarter. Silver Lake Advisory LLC now owns 13,079 shares of the financial services provider’s stock worth $520,000 after acquiring an additional 759 shares in the last quarter. William B. Walkup & Associates Inc. purchased a new position in shares of Bank of America in the 2nd quarter valued at about $624,000. Finally, Wallace Advisory Group LLC raised its position in shares of Bank of America by 8.4% during the 2nd quarter. Wallace Advisory Group LLC now owns 17,366 shares of the financial services provider’s stock worth $691,000 after acquiring an additional 1,345 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $47.06 on Tuesday. The company has a market cap of $361.10 billion, a P/E ratio of 14.62, a PEG ratio of 1.24 and a beta of 1.33. The company has a 50-day moving average price of $45.82 and a 200 day moving average price of $42.63. Bank of America Co. has a 52 week low of $32.35 and a 52 week 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.

Bank of America (NYSE:BAC) last released 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 firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business posted $0.70 earnings per share. Bank of America’s revenue was up 15.0% compared to the same quarter last year. Research analysts predict that Bank of America Co. will post 3.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BAC. Truist Financial increased their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Piper Sandler dropped their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Wells Fargo & Company raised their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $48.58.

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.