Bank of America Co. (NYSE:BAC) Stock Position Trimmed by Sage Mountain Advisors LLC

Sage Mountain Advisors LLC cut its position in Bank of America Co. (NYSE:BAC) by 32.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 179,926 shares of the financial services provider’s stock after selling 85,382 shares during the quarter. Bank of America comprises 0.6% of Sage Mountain Advisors LLC’s holdings, making the stock its 29th biggest position. Sage Mountain Advisors LLC’s holdings in Bank of America were worth $7,908,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of BAC. Collier Financial bought a new stake in Bank of America in the 4th quarter valued at about $25,000. Life Planning Partners Inc lifted its position in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Kennebec Savings Bank acquired a new position in Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC increased its stake in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new position in Bank of America during the 4th quarter valued at about $42,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 3.9 %

NYSE:BAC opened at $39.79 on Tuesday. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The firm has a market capitalization of $302.55 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.21 and a beta of 1.32. 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 business’s fifty day moving average price is $45.53 and its 200 day moving average price is $43.76.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business posted $0.70 EPS. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.61%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Oppenheimer raised their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday. Truist Financial raised their target price on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Evercore ISI lowered their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock 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.