RPG Investment Advisory LLC Sells 794 Shares of Bank of America Co. (NYSE:BAC)

RPG Investment Advisory LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 0.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 216,258 shares of the financial services provider’s stock after selling 794 shares during the period. RPG Investment Advisory LLC’s holdings in Bank of America were worth $9,505,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Swedbank AB boosted its stake in Bank of America by 0.7% in the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after buying an additional 50,849 shares in the last quarter. Silver Oak Securities Incorporated boosted its stake in Bank of America by 40.7% in the 3rd quarter. Silver Oak Securities Incorporated now owns 10,945 shares of the financial services provider’s stock valued at $431,000 after buying an additional 3,164 shares in the last quarter. Consolidated Portfolio Review Corp boosted its stake in Bank of America by 3.4% in the 3rd quarter. Consolidated Portfolio Review Corp now owns 12,871 shares of the financial services provider’s stock valued at $511,000 after buying an additional 419 shares in the last quarter. GHP Investment Advisors Inc. boosted its stake in Bank of America by 1.9% in the 3rd quarter. GHP Investment Advisors Inc. now owns 130,349 shares of the financial services provider’s stock valued at $5,172,000 after buying an additional 2,467 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in Bank of America by 2.8% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 6,319,991 shares of the financial services provider’s stock valued at $247,637,000 after buying an additional 172,779 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BAC. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Wells Fargo & Company boosted their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Trading Down 1.1 %

NYSE BAC opened at $44.80 on Monday. The stock has a 50-day simple moving average of $45.75 and a 200 day simple moving average of $43.41. The company has a market capitalization of $343.71 billion, a PE ratio of 13.91, a P/E/G ratio of 1.22 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.37 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.70 earnings per share. Research analysts forecast that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

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.