Bank of America Co. (NYSE:BAC) Stake Lessened by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 10.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,654 shares of the financial services provider’s stock after selling 2,535 shares during the period. Sawgrass Asset Management LLC’s holdings in Bank of America were worth $763,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Regent Peak Wealth Advisors LLC boosted its stake in shares of Bank of America by 3.2% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 314 shares in the last quarter. Kennedy Investment Group lifted its holdings in Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after purchasing an additional 321 shares during the last quarter. Private Ocean LLC boosted its position in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. Selective Wealth Management Inc. grew its holdings in Bank of America by 2.0% during the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after purchasing an additional 334 shares during the last quarter. Finally, Legacy Capital Wealth Partners LLC lifted its stake in shares of Bank of America by 4.0% in the fourth quarter. Legacy Capital Wealth Partners LLC now owns 8,770 shares of the financial services provider’s stock worth $295,000 after buying an additional 338 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research note on Tuesday, January 16th. BMO Capital Markets raised their price target on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Wells Fargo & Company boosted their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, Keefe, Bruyette & Woods lifted their price target on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $38.70.

Bank of America Price Performance

BAC traded up $0.16 during midday trading on Tuesday, reaching $37.85. 29,110,563 shares of the company’s stock were exchanged, compared to its average volume of 40,598,000. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The firm has a market capitalization of $295.96 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. The business has a 50-day simple moving average of $36.61 and a two-hundred day simple moving average of $33.31. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the company earned $0.94 EPS. Bank of America’s revenue was down 1.7% on a year-over-year basis. As a group, research analysts predict that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. Bank of America’s dividend payout ratio is presently 33.22%.

About Bank of America

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.