Twin Capital Management Inc. Cuts Holdings in Bank of America Corporation (NYSE:BAC)

Twin Capital Management Inc. decreased its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 78.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,939 shares of the financial services provider's stock after selling 89,267 shares during the quarter. Twin Capital Management Inc.'s holdings in Bank of America were worth $1,041,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. TAGStone Capital Inc. increased its holdings in shares of Bank of America by 1.2% in the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after purchasing an additional 227 shares during the period. Hayek Kallen Investment Management raised its position in Bank of America by 2.0% during the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after acquiring an additional 233 shares in the last quarter. Continuum Advisory LLC raised its position in Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after acquiring an additional 237 shares in the last quarter. Menard Financial Group LLC raised its position in Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after acquiring an additional 240 shares in the last quarter. Finally, Northern Financial Advisors Inc raised its position in Bank of America by 1.8% during the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider's stock valued at $600,000 after acquiring an additional 252 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 0.8%

Shares of Bank of America stock traded up $0.39 during trading hours on Wednesday, hitting $48.16. The company's stock had a trading volume of 19,732,800 shares, compared to its average volume of 40,359,042. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The firm has a fifty day moving average of $45.53 and a 200-day moving average of $43.64. The stock has a market cap of $362.76 billion, a price-to-earnings ratio of 14.09, a P/E/G ratio of 1.85 and a beta of 1.30. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS 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%. The company's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.83 EPS. Research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BAC shares. Cfra Research lifted their price target on Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Evercore ISI reduced their price target on 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. Truist Financial raised their price objective on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. The Goldman Sachs Group raised their price objective on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Finally, Argus dropped their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.03.

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.