Global Retirement Partners LLC Decreases Stake in Bank of America Co. (NYSE:BAC)


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Global Retirement Partners LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 74.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,282 shares of the financial services provider’s stock after selling 128,455 shares during the period. Global Retirement Partners LLC’s holdings in Bank of America were worth $1,312,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Woodstock Corp lifted its stake in shares of Bank of America by 4.6% in the fourth quarter. Woodstock Corp now owns 157,664 shares of the financial services provider’s stock worth $4,779,000 after buying an additional 6,951 shares in the last quarter. Denali Advisors LLC lifted its stake in shares of Bank of America by 1.2% in the third quarter. Denali Advisors LLC now owns 340,700 shares of the financial services provider’s stock worth $8,207,000 after buying an additional 3,900 shares in the last quarter. Trust Co. of Oklahoma acquired a new stake in Bank of America during the third quarter worth about $376,000. Louisiana State Employees Retirement System increased its position in Bank of America by 22.0% during the fourth quarter. Louisiana State Employees Retirement System now owns 472,500 shares of the financial services provider’s stock worth $14,321,000 after purchasing an additional 85,300 shares during the last quarter. Finally, Albert D Mason Inc. increased its position in Bank of America by 32.3% during the fourth quarter. Albert D Mason Inc. now owns 15,005 shares of the financial services provider’s stock worth $455,000 after purchasing an additional 3,660 shares during the last quarter. 68.10% of the stock is currently owned by hedge funds and other institutional investors.

Shares of BAC stock opened at $33.46 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $289.46 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 2.12 and a beta of 1.59. The company has a 50 day moving average price of $29.85 and a 200 day moving average price of $26.20. Bank of America Co. has a fifty-two week low of $17.95 and a fifty-two week high of $35.67.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The business had revenue of $20.30 billion during the quarter, compared to analyst estimates of $20.88 billion. During the same quarter last year, the firm posted $0.75 EPS. The company’s revenue for the quarter was down 11.6% on a year-over-year basis. On average, research analysts forecast that Bank of America Co. will post 1.81 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, December 24th. Investors of record on Friday, December 4th were paid a $0.18 dividend. The ex-dividend date of this dividend was Thursday, December 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 2.15%. Bank of America’s dividend payout ratio is currently 24.49%.

Several research firms recently issued reports on BAC. JPMorgan Chase & Co. raised their price objective on shares of Bank of America from $26.00 to $27.50 and gave the stock an “overweight” rating in a research report on Tuesday, October 6th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and raised their price objective for the stock from $27.00 to $36.00 in a research report on Tuesday, January 5th. Credit Suisse Group raised their price objective on shares of Bank of America from $31.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, December 11th. Royal Bank of Canada set a $28.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, October 14th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $31.00 to $37.00 in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $31.31.

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

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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