IPG Investment Advisors LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 6.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,711 shares of the financial services provider’s stock after selling 2,358 shares during the period. IPG Investment Advisors LLC’s holdings in Bank of America were worth $950,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of BAC. Fort Sheridan Advisors LLC increased its position in shares of Bank of America by 0.8% during the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock worth $1,309,000 after acquiring an additional 303 shares during the period. Horizon Wealth Management LLC boosted its stake in Bank of America by 1.1% in the second quarter. Horizon Wealth Management LLC now owns 28,347 shares of the financial services provider’s stock valued at $813,000 after acquiring an additional 318 shares in the last quarter. BHK Investment Advisors LLC boosted its stake in Bank of America by 2.4% in the second quarter. BHK Investment Advisors LLC now owns 14,140 shares of the financial services provider’s stock valued at $406,000 after acquiring an additional 333 shares in the last quarter. Fort Point Capital Partners LLC boosted its stake in Bank of America by 2.2% in the first quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock valued at $656,000 after acquiring an additional 336 shares in the last quarter. Finally, Greenwich Wealth Management LLC lifted its stake in shares of Bank of America by 1.3% during the second quarter. Greenwich Wealth Management LLC now owns 27,309 shares of the financial services provider’s stock worth $784,000 after buying an additional 345 shares during the period. Hedge funds and other institutional investors own 68.06% of the company’s stock.
Bank of America Stock Up 2.2 %
BAC stock traded up $0.72 during trading on Monday, reaching $33.79. The stock had a trading volume of 17,676,645 shares, compared to its average volume of 42,125,871. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $35.99. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $267.40 billion, a P/E ratio of 11.00, a PEG ratio of 1.51 and a beta of 1.39. The firm has a fifty day moving average price of $32.95 and a 200 day moving average price of $30.10.
Bank of America Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Thursday, February 29th. Bank of America’s payout ratio is currently 31.27%.
Insider Transactions at Bank of America
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 acquired at an average price of $10.56 per share, with a total value of $57,002.88. Following the transaction, 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 SEC, which is available through this link. Insiders own 0.27% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the stock. 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 for the company in a research report on Tuesday, January 16th. Barclays boosted their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. The Goldman Sachs Group upped 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 note on Friday, December 1st. Oppenheimer upped their price objective on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. Finally, Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.53.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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