J.W. Cole Advisors Inc. Grows Position in Bank of America Corporation (NYSE:BAC)

J.W. Cole Advisors Inc. lifted its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 116.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 239,391 shares of the financial services provider's stock after buying an additional 128,954 shares during the period. J.W. Cole Advisors Inc.'s holdings in Bank of America were worth $9,990,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after buying an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Norges Bank purchased a new position in shares of Bank of America during the 4th quarter valued at $5,226,989,000. Capital World Investors lifted its position in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Piper Sandler decreased their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Morgan Stanley upped their target price on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. Finally, Cfra Research upped their price objective on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $50.03.

Bank of America Trading Up 0.8%

NYSE BAC traded up $0.37 on Wednesday, hitting $48.14. The company's stock had a trading volume of 13,509,892 shares, compared to its average volume of 40,331,915. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company's 50-day simple moving average is $45.53 and its 200 day simple moving average is $43.64. The firm has a market cap of $362.58 billion, a P/E ratio of 14.07, a PEG ratio of 1.85 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.83 EPS. Research analysts predict that Bank of America Corporation will post 3.7 EPS 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.