Financial Management Professionals Inc. Decreases Stake in Bank of America Co. (NYSE:BAC)

Financial Management Professionals Inc. trimmed its holdings in Bank of America Co. (NYSE:BACFree Report) by 26.0% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 11,077 shares of the financial services provider’s stock after selling 3,901 shares during the quarter. Financial Management Professionals Inc.’s holdings in Bank of America were worth $373,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Moneta Group Investment Advisors LLC boosted its holdings in Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after purchasing an additional 192,989,515 shares during the last quarter. Norges Bank bought a new stake in shares of Bank of America in the fourth quarter worth $3,436,543,000. Barclays PLC increased its position in Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares during the last quarter. Snider Financial Group increased its position in Bank of America by 9,477.3% during the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after acquiring an additional 14,297,496 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Bank of America by 3,474.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock worth $480,579,000 after purchasing an additional 11,332,721 shares during the last quarter. Institutional investors own 68.06% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, major shareholder Of America Corp /De/ Bank acquired 5,398 shares of the stock in a transaction that occurred on Wednesday, December 27th. The stock was bought at an average cost of $10.56 per share, with a total value of $57,002.88. Following the completion of the purchase, the insider now directly owns 5,398 shares in the company, valued at $57,002.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, December 1st. BMO Capital Markets decreased their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 16th. Oppenheimer dropped their price target on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Tuesday. Citigroup lifted their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.65.

Read Our Latest Stock Report on Bank of America

Bank of America Trading Up 2.1 %

BAC traded up $0.76 during trading on Thursday, reaching $37.51. The company had a trading volume of 43,197,126 shares, compared to its average volume of 41,740,785. The stock has a market cap of $295.98 billion, a P/E ratio of 12.22, a PEG ratio of 1.64 and a beta of 1.38. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $37.60. The business has a 50 day simple moving average of $33.99 and a 200-day simple moving average of $31.00. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BACGet Free Report) last released its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same period last year, the company earned $0.85 earnings per share. On average, equities analysts anticipate that Bank of America Co. will post 3.15 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.56%. Bank of America’s payout ratio is currently 31.27%.

Bank of America Profile

(Free Report)

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.

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

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