Bank of America Co. (NYSE:BAC) Shares Sold by Strategic Planning Group LLC

Strategic Planning Group LLC lowered its position in Bank of America Co. (NYSE:BAC) by 75.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,219 shares of the financial services provider’s stock after selling 15,857 shares during the period. Strategic Planning Group LLC’s holdings in Bank of America were worth $229,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of BAC. Two Sigma Advisers LP raised its stake in shares of Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after buying an additional 10,175,100 shares during the period. Swedbank AB increased its holdings in Bank of America by 81.4% in the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after acquiring an additional 5,733,810 shares in the last quarter. KBC Group NV increased its holdings in Bank of America by 130.9% in the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after acquiring an additional 5,493,817 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after purchasing an additional 5,015,378 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.2 %

Bank of America stock opened at $46.74 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a 50 day moving average price of $45.83 and a 200 day moving average price of $42.70. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The company has a market capitalization of $358.59 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS. Research analysts expect that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BAC shares. Barclays upped their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Finally, StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

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.