Northeast Financial Consultants Inc Has $12.28 Million Stake in Bank of America Co. (NYSE:BAC)

Northeast Financial Consultants Inc lowered its position in Bank of America Co. (NYSE:BAC) by 0.8% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 279,332 shares of the financial services provider’s stock after selling 2,205 shares during the period. Bank of America accounts for approximately 0.5% of Northeast Financial Consultants Inc’s portfolio, making the stock its 29th largest position. Northeast Financial Consultants Inc’s holdings in Bank of America were worth $12,277,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its stake in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Norges Bank bought a new stake in Bank of America during the 4th quarter valued at $5,226,989,000. Capital World Investors increased its stake in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on BAC shares. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. UBS Group upped their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Oppenheimer upped their target price on shares of Bank of America from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Finally, Evercore ISI reduced their target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America Price Performance

NYSE BAC opened at $44.28 on Wednesday. The company has a market cap of $333.51 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 52 week low of $33.07 and a 52 week 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 firm’s 50-day simple moving average is $39.77 and its two-hundred day simple moving average is $43.51.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.