Principal Financial Group Inc. Has $355.63 Million Stake in Bank of America Corp (BAC)

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Principal Financial Group Inc. lowered its holdings in Bank of America Corp (NYSE:BAC) by 5.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,432,871 shares of the financial services provider’s stock after selling 824,993 shares during the period. Principal Financial Group Inc. owned about 0.14% of Bank of America worth $355,626,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Cranbrook Wealth Management LLC boosted its holdings in Bank of America by 86.1% in the fourth quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 500 shares during the last quarter. Karp Capital Management Corp purchased a new position in Bank of America in the fourth quarter valued at about $31,000. Semmax Financial Advisors Inc. purchased a new position in Bank of America in the fourth quarter valued at about $34,000. NewSquare Capital LLC boosted its holdings in Bank of America by 50.0% in the fourth quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 500 shares during the last quarter. Finally, Intercontinental Wealth Advisors LLC purchased a new position in Bank of America in the fourth quarter valued at about $41,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE BAC opened at $29.88 on Wednesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.91 and a current ratio of 0.92. The company has a market cap of $305.67 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 1.31 and a beta of 1.47. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.91.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. The business had revenue of $23 billion for the quarter, compared to analysts’ expectations of $23.24 billion. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.62 EPS. As a group, equities research analysts predict that Bank of America Corp will post 2.85 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.01%. The ex-dividend date was Thursday, February 28th. Bank of America’s dividend payout ratio is currently 22.99%.

BAC has been the subject of a number of analyst reports. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Wells Fargo & Co set a $36.00 price objective on Bank of America and gave the company a “buy” rating in a research note on Wednesday, January 16th. Daiwa Capital Markets cut Bank of America from an “outperform” rating to a “market perform” rating in a research note on Friday, February 8th. Edward Jones upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Bank of America in a research note on Tuesday, January 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $33.24.

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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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