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

Sapient Capital LLC increased its holdings in Bank of America Co. (NYSE:BAC) by 1.9% during the fourth quarter, Holdings Channel reports. The firm owned 1,640,099 shares of the financial services provider’s stock after purchasing an additional 30,157 shares during the period. Bank of America makes up 1.4% of Sapient Capital LLC’s portfolio, making the stock its 15th largest holding. Sapient Capital LLC’s holdings in Bank of America were worth $72,082,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in BAC. Lederer & Associates Investment Counsel CA lifted its position in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after acquiring an additional 217 shares during the last quarter. Marino Stram & Associates LLC raised its position in shares of Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after purchasing an additional 222 shares during the period. Keudell Morrison Wealth Management lifted its holdings in shares of Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 223 shares during the last quarter. Traveka Wealth LLC boosted its position in shares of Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 226 shares during the period. Finally, Longfellow Investment Management Co. LLC increased its stake in Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 227 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 1.6 %

BAC stock opened at $46.65 on Tuesday. 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 firm has a market cap of $357.91 billion, a PE ratio of 14.49, a PEG ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 1 year low of $32.35 and a 1 year high of $48.08. The company has a fifty day simple moving average of $45.77 and a 200 day simple moving average of $42.93.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued 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 2.23%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analyst Weigh In

Several research analysts have commented on BAC shares. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Oppenheimer boosted 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. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. Finally, Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.