Bank of America Corporation (NYSE:BAC) Shares Bought by Forbes J M & Co. LLP

Forbes J M & Co. LLP lifted its stake in Bank of America Corporation (NYSE:BAC) by 3.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 453,488 shares of the financial services provider's stock after purchasing an additional 15,579 shares during the period. Bank of America makes up 1.8% of Forbes J M & Co. LLP's investment portfolio, making the stock its 13th largest holding. Forbes J M & Co. LLP's holdings in Bank of America were worth $18,924,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC grew its stake in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG lifted its position in shares of Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Virtu Financial LLC acquired a new stake in Bank of America in the fourth quarter valued at $243,000. Fox Run Management L.L.C. acquired a new stake in Bank of America in the fourth quarter valued at $219,000. Finally, CoreFirst Bank & Trust acquired a new stake in Bank of America in the fourth quarter valued at $343,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BAC. Cfra Research increased their target price on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Evercore ISI decreased their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods decreased their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, Piper Sandler reduced their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $50.03.

Bank of America Stock Up 0.6%

BAC stock opened at $47.77 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The stock has a market capitalization of $359.77 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.85 and a beta of 1.30. The business's fifty day moving average price is $45.53 and its two-hundred day moving average price is $43.64. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. Bank of America's revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

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.

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