Traynor Capital Management Inc. Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

Traynor Capital Management Inc. increased its stake in Bank of America Co. (NYSE:BAC) by 16.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 21,722 shares of the financial services provider’s stock after buying an additional 3,103 shares during the quarter. Traynor Capital Management Inc.’s holdings in Bank of America were worth $955,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Geode Capital Management LLC increased its stake in Bank of America by 1.2% during the 3rd 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 in the last quarter. Legal & General Group Plc increased its position in shares of 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 acquiring an additional 895,884 shares in the last quarter. Fisher Asset Management LLC raised its holdings 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 worth $1,794,164,000 after acquiring an additional 1,731,003 shares during the last quarter. Sanders Capital LLC lifted 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 valued at $886,499,000 after acquiring an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its holdings in shares of Bank of America by 0.4% in 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 purchasing an additional 59,853 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $45.80 on Thursday. The firm has a market capitalization of $351.41 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. 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’s 50-day moving average is $45.81 and its two-hundred day moving average is $42.52. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BAC shares. Keefe, Bruyette & Woods increased their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Morgan Stanley lifted 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. Finally, Barclays increased their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Company 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.