CFO4Life Group LLC Sells 478 Shares of Bank of America Co. (NYSE:BAC)

CFO4Life Group LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,514 shares of the financial services provider’s stock after selling 478 shares during the period. CFO4Life Group LLC’s holdings in Bank of America were worth $1,341,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc boosted its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Fairway Wealth LLC purchased a new position in Bank of America during the fourth quarter worth about $29,000. Highline Wealth Partners LLC boosted its holdings in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the last quarter. Finally, Mascoma Wealth Management LLC boosted its holdings in Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $39.90 on Thursday. The stock has a market capitalization of $303.40 billion, a P/E ratio of 12.39, a PEG ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm’s 50 day moving average is $45.36 and its 200 day moving average is $43.73. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.70 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

Several research analysts recently weighed in on BAC shares. Evercore ISI cut their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.64.

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