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

Consolidated Planning Corp purchased a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 8,058 shares of the financial services provider’s stock, valued at approximately $271,000.

A number of other institutional investors have also recently bought and sold shares of BAC. Schechter Investment Advisors LLC boosted its stake in shares of Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after purchasing an additional 4,187 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its stake in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its stake in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Sarasin & Partners LLP acquired a new stake in shares of Bank of America in the 4th quarter valued at $673,000. Finally, Pinnacle Associates Ltd. boosted its stake in shares of Bank of America by 30.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock valued at $26,799,000 after purchasing an additional 225,767 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BAC shares. Citigroup upped their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Evercore ISI upped their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Oppenheimer reduced their price target on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Finally, Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.08 during mid-day trading on Friday, reaching $37.83. The company had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The firm has a market cap of $298.50 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 1.69 and a beta of 1.39. The business’s 50-day simple moving average is $36.13 and its 200 day simple moving average is $32.76.

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

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.