Csenge Advisory Group Lowers Holdings in Bank of America Corporation (NYSE:BAC)

Csenge Advisory Group cut its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 16.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,411 shares of the financial services provider's stock after selling 7,112 shares during the period. Csenge Advisory Group's holdings in Bank of America were worth $1,561,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after acquiring an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG boosted its holdings in shares of Bank of America by 35.7% in 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 acquiring an additional 226,246 shares during the period. Proficio Capital Partners LLC boosted its holdings in shares of Bank of America by 65.3% in the fourth quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock worth $890,000 after acquiring an additional 7,999 shares during the period. Washington Trust Bank boosted its holdings in shares of Bank of America by 1.2% in the fourth quarter. Washington Trust Bank now owns 54,857 shares of the financial services provider's stock worth $2,411,000 after acquiring an additional 677 shares during the period. Finally, Millstone Evans Group LLC bought a new position in shares of Bank of America in the fourth quarter worth $546,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

NYSE BAC traded up $0.32 on Wednesday, hitting $48.09. 9,728,897 shares of the company were exchanged, compared to its average volume of 40,319,204. 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 has a market cap of $362.17 billion, a P/E ratio of 14.06, a P/E/G ratio of 1.85 and a beta of 1.30. The firm has a 50 day moving average of $45.53 and a two-hundred day moving average of $43.64. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Baird R W downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Evercore ISI lowered their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Piper Sandler reduced their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Finally, Truist Financial lifted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.03.

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.