Bank of America Co. (NYSE:BAC) Shares Sold by Sage Mountain Advisors LLC

Sage Mountain Advisors LLC cut its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 32.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 179,926 shares of the financial services provider's stock after selling 85,382 shares during the quarter. Bank of America makes up about 0.6% of Sage Mountain Advisors LLC's holdings, making the stock its 29th biggest holding. Sage Mountain Advisors LLC's holdings in Bank of America were worth $7,908,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Swedbank AB boosted its holdings in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider's stock valued at $279,441,000 after acquiring an additional 50,849 shares during the last quarter. Van ECK Associates Corp raised its stake in Bank of America by 120.2% during the 3rd quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider's stock worth $814,000 after acquiring an additional 10,497 shares during the period. Principal Financial Group Inc. raised its stake in Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock worth $611,692,000 after acquiring an additional 569,385 shares during the period. Baker Avenue Asset Management LP raised its position in shares of Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider's stock valued at $2,421,000 after buying an additional 33,983 shares during the last quarter. Finally, Ashton Thomas Securities LLC raised its position in shares of Bank of America by 56.0% during the third quarter. Ashton Thomas Securities LLC now owns 7,631 shares of the financial services provider's stock valued at $303,000 after buying an additional 2,740 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Bank of America Stock Performance

Bank of America stock traded down $0.21 during mid-day trading on Tuesday, hitting $39.62. The company had a trading volume of 50,561,860 shares, compared to its average volume of 36,019,015. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $301.29 billion, a price-to-earnings ratio of 12.30, a P/E/G ratio of 1.21 and a beta of 1.32. The company's fifty day moving average is $45.44 and its 200-day moving average is $43.76. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business's quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.70 EPS. Equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Friday, March 7th. Bank of America's payout ratio is 32.30%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Piper Sandler cut their target price on shares of Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a report on Friday, January 17th. Barclays lifted their target price on Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a report on Friday, November 15th. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. Finally, Oppenheimer boosted their price target on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.64.

Bank of America 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.