Retirement Planning Group LLC Purchases 3,535 Shares of Bank of America Corporation $BAC

Retirement Planning Group LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 48.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,890 shares of the financial services provider’s stock after buying an additional 3,535 shares during the quarter. Retirement Planning Group LLC’s holdings in Bank of America were worth $515,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BAC. Brighton Jones LLC grew its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. GAMMA Investing LLC grew its stake in Bank of America by 8.2% in the first quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after purchasing an additional 8,435 shares in the last quarter. GHP Investment Advisors Inc. increased its position in shares of Bank of America by 1.8% during the 1st quarter. GHP Investment Advisors Inc. now owns 133,600 shares of the financial services provider’s stock worth $5,575,000 after purchasing an additional 2,301 shares during the last quarter. YHB Investment Advisors Inc. raised its stake in shares of Bank of America by 3.8% during the 1st quarter. YHB Investment Advisors Inc. now owns 21,054 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 769 shares in the last quarter. Finally, Strategic Investment Advisors MI raised its stake in shares of Bank of America by 3.1% during the 1st quarter. Strategic Investment Advisors MI now owns 27,144 shares of the financial services provider’s stock worth $1,133,000 after purchasing an additional 810 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. Oppenheimer upped their price objective on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. The Goldman Sachs Group upped their price objective on Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $58.00 price objective (up previously from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday, October 8th. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.23.

Bank of America Stock Down 0.9%

BAC stock opened at $51.05 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $378.09 billion, a PE ratio of 13.91, a PEG ratio of 1.95 and a beta of 1.33. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The business’s 50 day simple moving average is $50.38 and its 200 day simple moving average is $46.08.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.81 EPS. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has authorized a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

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.