Consolidated Planning Corp Invests $271,000 in Bank of America Co. (NYSE:BAC)

Consolidated Planning Corp acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 8,058 shares of the financial services provider’s stock, valued at approximately $271,000.

Other hedge funds have also modified their holdings of the company. Fortis Group Advisors LLC purchased a new stake in Bank of America in the 3rd quarter worth approximately $25,000. Criterion Capital Advisors LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $32,000. Glass Jacobson Investment Advisors llc grew its stake in Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares during the period. ZRC Wealth Management LLC grew its stake in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares during the period. Finally, Private Ocean LLC grew its stake in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company lifted their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. BMO Capital Markets lifted their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Oppenheimer lowered their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Finally, Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Bank of America has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Down 0.2 %

BAC stock traded down $0.08 during trading on Friday, reaching $37.83. The stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $298.50 billion, a P/E ratio of 13.09, a PEG ratio of 1.69 and a beta of 1.39. The firm has a fifty day moving average price of $36.13 and a 200 day moving average price of $32.76.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the previous year, the business posted $0.94 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

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.