Consolidated Planning Corp Has $315,000 Stock Position in Bank of America Corporation (NYSE:BAC)

Consolidated Planning Corp lowered its stake in Bank of America Corporation (NYSE:BAC) by 6.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,543 shares of the financial services provider’s stock after selling 549 shares during the quarter. Consolidated Planning Corp’s holdings in Bank of America were worth $315,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Graney & King LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at about $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America in the fourth quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on BAC shares. TD Cowen started coverage on Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 price target for the company. Morgan Stanley lifted their price target on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Argus reduced their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Finally, Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.40.

Bank of America Trading Up 1.8%

Shares of BAC stock opened at $46.32 on Tuesday. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The stock has a market cap of $348.88 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. The stock has a 50 day simple moving average of $42.55 and a 200 day simple moving average of $43.28. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.25%. Bank of America’s dividend payout ratio is currently 30.95%.

About Bank of America

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.