NEXT Financial Group Inc Sells 867 Shares of Bank of America Corp (NYSE:BAC)

NEXT Financial Group Inc lessened its holdings in Bank of America Corp (NYSE:BAC) by 1.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 50,414 shares of the financial services provider’s stock after selling 867 shares during the period. NEXT Financial Group Inc’s holdings in Bank of America were worth $1,775,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Arjuna Capital grew its holdings in Bank of America by 1.9% during the second quarter. Arjuna Capital now owns 51,588 shares of the financial services provider’s stock valued at $1,496,000 after purchasing an additional 956 shares during the period. Pictet Asset Management Ltd. lifted its position in shares of Bank of America by 3.4% during the 2nd quarter. Pictet Asset Management Ltd. now owns 4,370,138 shares of the financial services provider’s stock valued at $126,734,000 after buying an additional 144,700 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Bank of America during the 2nd quarter valued at $218,000. Andra AP fonden grew its stake in shares of Bank of America by 36.3% during the 2nd quarter. Andra AP fonden now owns 159,100 shares of the financial services provider’s stock worth $4,614,000 after acquiring an additional 42,400 shares during the period. Finally, Worldquant Millennium Advisors LLC grew its stake in shares of Bank of America by 19.1% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,423,858 shares of the financial services provider’s stock worth $41,292,000 after acquiring an additional 228,595 shares during the period. 69.21% of the stock is owned by institutional investors.

Shares of Bank of America stock opened at $34.26 on Wednesday. Bank of America Corp has a 12-month low of $26.21 and a 12-month high of $35.72. The company has a market cap of $312.22 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.27 and a beta of 1.64. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 1.00. The company’s 50-day moving average price is $34.66 and its 200-day moving average price is $31.05.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 EPS for the quarter, beating the consensus estimate of $0.69 by $0.05. The company had revenue of $22.30 billion during the quarter, compared to analysts’ expectations of $22.30 billion. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. Bank of America’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.70 earnings per share. On average, sell-side analysts predict that Bank of America Corp will post 3.05 earnings per share for the current year.

A number of brokerages recently issued reports on BAC. Wells Fargo & Co set a $34.00 price objective on Bank of America and gave the company a “buy” rating in a research note on Tuesday, October 15th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $33.00 price objective (up from $30.00) on shares of Bank of America in a report on Monday, November 4th. Argus reiterated a “buy” rating and set a $39.00 target price (up previously from $35.00) on shares of Bank of America in a research report on Wednesday, January 15th. Credit Suisse Group lifted their target price on shares of Bank of America from $38.00 to $39.00 and gave the stock an “outperform” rating in a research note on Thursday, January 16th. Finally, BMO Capital Markets lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 price target on the stock. in a research report on Thursday, January 2nd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $35.29.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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