Bank of America Corp (NYSE:BAC) Shares Sold by Cullinan Associates Inc.

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Cullinan Associates Inc. cut its holdings in shares of Bank of America Corp (NYSE:BAC) by 22.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 71,547 shares of the financial services provider’s stock after selling 20,996 shares during the period. Cullinan Associates Inc.’s holdings in Bank of America were worth $2,520,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of BAC. AE Wealth Management LLC boosted its holdings in Bank of America by 13.2% in the 4th quarter. AE Wealth Management LLC now owns 263,276 shares of the financial services provider’s stock worth $9,273,000 after buying an additional 30,663 shares during the last quarter. New England Professional Planning Group Inc. acquired a new stake in Bank of America in the 4th quarter worth about $443,000. Gradient Investments LLC boosted its holdings in Bank of America by 1.1% in the 4th quarter. Gradient Investments LLC now owns 302,148 shares of the financial services provider’s stock worth $10,642,000 after buying an additional 3,233 shares during the last quarter. Cardinal Capital Management Inc. boosted its holdings in Bank of America by 8.8% in the 4th quarter. Cardinal Capital Management Inc. now owns 494,685 shares of the financial services provider’s stock worth $17,423,000 after buying an additional 40,005 shares during the last quarter. Finally, FormulaFolio Investments LLC boosted its holdings in Bank of America by 6.2% in the 4th quarter. FormulaFolio Investments LLC now owns 11,372 shares of the financial services provider’s stock worth $401,000 after buying an additional 667 shares during the last quarter. Hedge funds and other institutional investors own 69.19% of the company’s stock.

Several equities research analysts recently issued reports on the company. Barclays upgraded Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 price objective on the stock in a report on Monday, January 6th. BMO Capital Markets cut Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 price objective on the stock. in a report on Thursday, January 2nd. Wells Fargo & Co set a $34.00 price objective on Bank of America and gave the stock a “buy” rating in a report on Tuesday, October 15th. Morgan Stanley reiterated a “buy” rating and issued a $38.00 price objective (up from $35.00) on shares of Bank of America in a report on Monday, November 18th. Finally, Atlantic Securities upgraded Bank of America from a “neutral” rating to an “overweight” rating in a report on Tuesday, October 22nd. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $34.74.

BAC opened at $34.67 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.92 and a quick ratio of 0.91. The company’s 50 day simple moving average is $34.51 and its two-hundred day simple moving average is $30.88. Bank of America Corp has a 1-year low of $26.05 and a 1-year high of $35.72. The firm has a market capitalization of $317.71 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 1.30 and a beta of 1.64.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.05. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The business had revenue of $22.30 billion for the quarter, compared to analyst estimates of $22.30 billion. During the same period last year, the company posted $0.70 EPS. The business’s revenue was down 1.8% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Corp will post 2.88 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Thursday, December 5th. Bank of America’s dividend payout ratio (DPR) is 27.59%.

In other news, Director Frank P. Bramble sold 6,500 shares of Bank of America stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.17% of the company’s stock.

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

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