Kennedy Investment Group Trims Stake in Bank of America Co. (NYSE:BAC)

Kennedy Investment Group lowered its position in Bank of America Co. (NYSE:BAC) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,905 shares of the financial services provider’s stock after selling 1,059 shares during the quarter. Bank of America comprises about 1.1% of Kennedy Investment Group’s portfolio, making the stock its 21st largest position. Kennedy Investment Group’s holdings in Bank of America were worth $2,369,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Driehaus Capital Management LLC grew its holdings in shares of Bank of America by 56.8% in the second quarter. Driehaus Capital Management LLC now owns 21,993 shares of the financial services provider’s stock worth $875,000 after purchasing an additional 7,964 shares during the last quarter. Regal Investment Advisors LLC grew its holdings in Bank of America by 2.3% during the 2nd quarter. Regal Investment Advisors LLC now owns 47,468 shares of the financial services provider’s stock worth $1,888,000 after acquiring an additional 1,060 shares in the last quarter. Advisory Alpha LLC grew its holdings in Bank of America by 6.2% during the 2nd quarter. Advisory Alpha LLC now owns 25,974 shares of the financial services provider’s stock worth $1,033,000 after acquiring an additional 1,513 shares in the last quarter. Granite Bay Wealth Management LLC bought a new position in Bank of America during the 2nd quarter worth about $7,349,000. Finally, SPC Financial Inc. grew its holdings in Bank of America by 7.4% during the 2nd quarter. SPC Financial Inc. now owns 27,460 shares of the financial services provider’s stock worth $1,092,000 after acquiring an additional 1,883 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent research reports. Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Evercore ISI lowered 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. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Morgan Stanley raised their price target on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Stock Performance

BAC opened at $46.88 on Wednesday. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08. 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 has a market capitalization 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 firm has a 50 day moving average of $45.82 and a two-hundred day moving average of $42.67.

Bank of America (NYSE:BAC) last issued 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. The business 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%. The business’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.70 EPS. On average, analysts anticipate that Bank of America Co. will post 3.67 EPS for the current 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.