New England Professional Planning Group Inc. acquired a new stake in shares of Bank of America Corp (NYSE:BAC) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 12,564 shares of the financial services provider’s stock, valued at approximately $443,000. Bank of America makes up 0.4% of New England Professional Planning Group Inc.’s holdings, making the stock its 25th largest holding.
A number of other large investors have also bought and sold shares of the stock. Garrett Wealth Advisory Group LLC bought a new position in Bank of America in the third quarter valued at $25,000. Corbenic Partners LLC purchased a new stake in Bank of America during the fourth quarter valued at about $39,000. Larson Financial Group LLC lifted its stake in Bank of America by 195.6% during the third quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 880 shares during the last quarter. Selective Wealth Management Inc. bought a new stake in Bank of America during the third quarter worth about $43,000. Finally, Salomon & Ludwin LLC boosted its holdings in shares of Bank of America by 120.6% in the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 814 shares in the last quarter. 69.19% of the stock is owned by institutional investors.
Several brokerages have recently commented on BAC. BMO Capital Markets lowered Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 price objective on the stock. in a research report on Thursday, January 2nd. UBS Group downgraded Bank of America from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $34.00 to $36.00 in a research report on Monday, January 6th. Societe Generale lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 29th. Atlantic Securities upgraded shares of Bank of America from a “neutral” rating to an “overweight” rating in a research report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $33.00 price target (up from $30.00) on shares of Bank of America in a research note on Monday, November 4th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. Bank of America has a consensus rating of “Hold” and a consensus price target of $34.74.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.05. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The firm had revenue of $22.30 billion during the quarter, compared to analyst estimates of $22.30 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corp will post 2.88 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, December 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.08%. Bank of America’s dividend payout ratio is currently 27.59%.
In other Bank of America news, Director Frank P. Bramble sold 6,500 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total value of $203,645.00. Following the sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,566,500. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.17% of the company’s stock.
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. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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