Kovitz Investment Group Partners LLC Has $20.48 Million Holdings in Bank of America Co. (NYSE:BAC)

Kovitz Investment Group Partners LLC trimmed its position in Bank of America Co. (NYSE:BAC - Free Report) by 35.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 466,021 shares of the financial services provider's stock after selling 255,334 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Bank of America were worth $20,482,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Collier Financial acquired a new stake in Bank of America during the 4th quarter worth $25,000. Life Planning Partners Inc raised its stake in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter worth $25,000. Fairway Wealth LLC acquired a new stake in Bank of America during the 4th quarter worth $29,000. Finally, Glass Jacobson Investment Advisors llc raised its stake in Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after acquiring an additional 276 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BAC. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Barclays cut their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Citigroup dropped their price objective on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Finally, Royal Bank of Canada lowered their target price on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and an average price target of $47.25.

Bank of America Trading Up 0.2 %

NYSE:BAC traded up $0.09 during trading hours on Monday, hitting $39.78. 37,374,042 shares of the stock were exchanged, compared to its average volume of 39,152,970. The company's 50 day moving average is $40.48 and its two-hundred day moving average is $43.60. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $302.44 billion, a P/E ratio of 12.35, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.61%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is presently 30.95%.

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.