KG&L Capital Management LLC Reduces Stock Position in Bank of America Co. (NYSE:BAC)

KG&L Capital Management LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 10.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,479 shares of the financial services provider's stock after selling 10,336 shares during the quarter. Bank of America accounts for approximately 1.3% of KG&L Capital Management LLC's holdings, making the stock its 16th biggest position. KG&L Capital Management LLC's holdings in Bank of America were worth $4,108,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider's stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Fisher Asset Management LLC grew its position in Bank of America by 4.0% in the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider's stock valued at $1,794,164,000 after acquiring an additional 1,731,003 shares during the period. Sanders Capital LLC increased its holdings in shares of Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider's stock worth $886,499,000 after buying an additional 601,211 shares in the last quarter. Diamond Hill Capital Management Inc. raised its position in Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider's stock valued at $676,264,000 after purchasing an additional 59,853 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock worth $611,692,000 after acquiring an additional 569,385 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. Oppenheimer lifted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research report on Friday, January 17th. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a report on Friday, January 17th. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research 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. Finally, StockNews.com upgraded Bank of America from a "sell" rating to a "hold" rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $48.58.

Bank of America Trading Down 0.1 %

Shares of BAC stock traded down $0.07 during trading hours on Monday, hitting $46.23. 36,480,730 shares of the company were exchanged, compared to its average volume of 36,949,066. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $354.72 billion, a P/E ratio of 14.36, a P/E/G ratio of 1.26 and a beta of 1.33. The company has a 50 day simple moving average of $45.83 and a two-hundred day simple moving average of $42.77. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America's revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared 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. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.25%. 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.