KG&L Capital Management LLC Has $3.32 Million Holdings in Bank of America Corporation $BAC

KG&L Capital Management LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 39.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 64,364 shares of the financial services provider’s stock after selling 41,525 shares during the period. Bank of America comprises about 0.9% of KG&L Capital Management LLC’s portfolio, making the stock its 27th biggest holding. KG&L Capital Management LLC’s holdings in Bank of America were worth $3,321,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nova Wealth Management Inc. increased its holdings in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Quaker Wealth Management LLC boosted its position in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the period. RMG Wealth Management LLC bought a new stake in Bank of America during the second quarter worth approximately $28,000. Steph & Co. grew its holdings in Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 379 shares during the last quarter. Finally, CGC Financial Services LLC raised its position in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. The Goldman Sachs Group decreased their price objective on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. HSBC raised their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Robert W. Baird boosted their price objective on Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Finally, Barclays reaffirmed an “overweight” rating and issued a $71.00 target price on shares of Bank of America in a report on Monday. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $59.14.

Bank of America Stock Up 1.7%

Shares of BAC opened at $55.94 on Monday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a 50-day simple moving average of $53.80 and a 200-day simple moving average of $50.68. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $56.54. The firm has a market capitalization of $408.49 billion, a P/E ratio of 15.24 and a beta of 1.29.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.81 earnings per share. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Friday, December 5th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.