Bank of America Co. (NYSE:BAC) Shares Sold by Kennedy Investment Group

Kennedy Investment Group lowered its stake in Bank of America Co. (NYSE:BAC) by 1.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 53,905 shares of the financial services provider’s stock after selling 1,059 shares during the quarter. Bank of America accounts for about 1.1% of Kennedy Investment Group’s portfolio, making the stock its 21st biggest holding. Kennedy Investment Group’s holdings in Bank of America were worth $2,369,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Accent Capital Management LLC boosted its stake in Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments boosted its stake in Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Geode Capital Management LLC boosted its stake in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Baker Avenue Asset Management LP boosted its stake in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Finally, Clarendon Private LLC acquired a new stake in Bank of America during the 4th quarter worth $798,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on BAC shares. Wells Fargo & Company lifted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Evercore ISI reduced their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Finally, Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.88 on Wednesday. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. The company has a market cap of $359.70 billion, a PE ratio of 14.56, a P/E/G ratio of 1.24 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The business has a 50-day simple moving average of $45.82 and a 200-day simple moving average of $42.67.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the company posted $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Co. will post 3.67 EPS for the current fiscal year.

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.