Bank of America Co. (NYSE:BAC) Position Lessened by Sapient Capital LLC

Sapient Capital LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 0.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,632,410 shares of the financial services provider’s stock after selling 7,689 shares during the period. Bank of America comprises approximately 1.3% of Sapient Capital LLC’s portfolio, making the stock its 15th biggest holding. Sapient Capital LLC’s holdings in Bank of America were worth $68,120,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Life Planning Partners Inc raised its holdings in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC bought a new position in Bank of America during the fourth quarter valued at about $25,000. Fairway Wealth LLC bought a new position in Bank of America during the fourth quarter valued at about $29,000. Vega Investment Solutions bought a new position in Bank of America during the fourth quarter valued at about $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the fourth quarter valued at about $31,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.8%

BAC stock opened at $44.72 on Thursday. The business’s 50-day simple moving average is $41.14 and its 200 day simple moving average is $43.46. 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 company has a market cap of $336.80 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.33%. Bank of America’s dividend payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. TD Cowen assumed coverage on Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 target price on the stock. Barclays cut their target price on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Finally, Argus cut their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.69.

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.