Kennedy Investment Group Has $2.24 Million Position in Bank of America Corporation (NYSE:BAC)

Kennedy Investment Group reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.5% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 53,633 shares of the financial services provider’s stock after selling 272 shares during the period. Bank of America makes up approximately 1.0% of Kennedy Investment Group’s holdings, making the stock its 23rd biggest holding. Kennedy Investment Group’s holdings in Bank of America were worth $2,238,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Graney & King LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at about $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America in the 4th quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America in the 4th quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at about $34,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BAC. Citigroup dropped their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Cfra Research lifted their target price on Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Barclays lowered their price target on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $47.69.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.51 on Friday. The business’s 50 day moving average price is $42.36 and its two-hundred day moving average price is $43.31. The company has a market cap of $342.78 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

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.