JGP Wealth Management LLC Reduces Stock Position in Bank of America Co. (NYSE:BAC)

JGP Wealth Management LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 5.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,984 shares of the financial services provider’s stock after selling 577 shares during the period. JGP Wealth Management LLC’s holdings in Bank of America were worth $483,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of BAC. Kennebec Savings Bank bought a new position in shares of Bank of America in the third quarter worth $29,000. Highline Wealth Partners LLC raised its stake in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Christopher J. Hasenberg Inc lifted its holdings in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in Bank of America in the 3rd quarter worth about $45,000. Finally, Truvestments Capital LLC purchased a new position in Bank of America during the 3rd quarter valued at about $73,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $46.65 on Friday. The firm has a fifty day simple moving average of $45.72 and a two-hundred day simple moving average of $42.34. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. The company has a market capitalization of $357.91 billion, a PE ratio of 16.96, a P/E/G ratio of 1.23 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the previous year, the company posted $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. Research analysts expect that Bank of America Co. will post 3.24 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BAC. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Piper Sandler upped their price target on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $48.18.

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.