Cullinan Associates Inc. Trims Stake in Bank of America Corp (BAC)

Cullinan Associates Inc. trimmed its stake in shares of Bank of America Corp (NYSE:BAC) by 23.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 88,143 shares of the financial services provider’s stock after selling 26,300 shares during the period. Cullinan Associates Inc.’s holdings in Bank of America were worth $2,172,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of BAC. Cardinal Capital Management Inc. acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $106,000. CSat Investment Advisory L.P. acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $103,000. Arlington Partners LLC acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $118,000. Worth Venture Partners LLC acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $166,000. Finally, Stelac Advisory Services LLC raised its position in shares of Bank of America by 50.2% during the 3rd quarter. Stelac Advisory Services LLC now owns 5,750 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 1,922 shares during the last quarter. Institutional investors own 64.36% of the company’s stock.

Several research analysts recently issued reports on BAC shares. Wolfe Research started coverage on Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. BMO Capital Markets lifted their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Credit Suisse Group lowered their target price on shares of Bank of America from $36.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, December 7th. Finally, Keefe, Bruyette & Woods cut shares of Bank of America from an “outperform” rating to a “hold” rating and lowered their target price for the stock from $34.00 to $29.00 in a research note on Tuesday, December 11th. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $33.51.

BAC stock opened at $26.03 on Friday. The company has a market capitalization of $263.88 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.15 and a beta of 1.31. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.91. Bank of America Corp has a one year low of $22.66 and a one year high of $33.05.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The company had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. During the same period in the previous year, the company earned $0.48 EPS. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Corp will post 2.54 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 28th. Stockholders of record on Friday, December 7th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, December 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.31%. Bank of America’s dividend payout ratio is presently 32.79%.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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