Ignite Planners LLC Sells 3,032 Shares of Bank of America Co. (NYSE:BAC)

Ignite Planners LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 15.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,183 shares of the financial services provider’s stock after selling 3,032 shares during the period. Ignite Planners LLC’s holdings in Bank of America were worth $645,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Global Assets Advisory LLC acquired a new position in Bank of America in the first quarter worth about $1,682,000. Range Financial Group LLC acquired a new position in Bank of America in the first quarter worth about $289,000. Lloyd Advisory Services LLC. acquired a new position in Bank of America in the first quarter worth about $209,000. AdvisorNet Financial Inc raised its position in Bank of America by 10.5% in the first quarter. AdvisorNet Financial Inc now owns 21,511 shares of the financial services provider’s stock worth $816,000 after purchasing an additional 2,039 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America in the first quarter worth about $33,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of several recent research reports. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. JPMorgan Chase & Co. raised their price objective on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Evercore ISI raised their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $37.00 to $46.00 in a report on Friday, June 14th. Finally, UBS Group reaffirmed a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Hold” and an average target price of $39.79.

Bank of America Price Performance

Shares of BAC stock opened at $40.02 on Tuesday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.34. The stock has a market cap of $312.97 billion, a PE ratio of 13.85, a PEG ratio of 1.76 and a beta of 1.36. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm’s 50 day moving average price is $38.61 and its two-hundred day moving average price is $35.89.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same period last year, the firm earned $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, analysts forecast that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.40%. Bank of America’s payout ratio is presently 33.22%.

Bank of America Company 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.