Bank of America Co. (NYSE:BAC) Shares Sold by Sepio Capital LP

Sepio Capital LP lowered its position in Bank of America Co. (NYSE:BAC) by 11.1% during the fourth quarter, HoldingsChannel reports. The firm owned 34,734 shares of the financial services provider’s stock after selling 4,358 shares during the period. Sepio Capital LP’s holdings in Bank of America were worth $1,170,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Skopos Labs Inc. purchased a new position in Bank of America in the 4th quarter valued at $941,000. Congress Wealth Management LLC DE lifted its holdings in Bank of America by 9.0% in the 4th quarter. Congress Wealth Management LLC DE now owns 174,921 shares of the financial services provider’s stock valued at $5,890,000 after purchasing an additional 14,412 shares in the last quarter. TBH Global Asset Management LLC lifted its holdings in Bank of America by 16.9% in the 4th quarter. TBH Global Asset Management LLC now owns 16,264 shares of the financial services provider’s stock valued at $548,000 after purchasing an additional 2,356 shares in the last quarter. Team Hewins LLC purchased a new position in Bank of America in the 4th quarter valued at $1,910,000. Finally, Cypress Asset Management Inc. TX purchased a new position in Bank of America in the 4th quarter valued at $517,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC traded up $0.53 on Friday, reaching $39.70. The stock had a trading volume of 22,166,306 shares, compared to its average volume of 30,858,416. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $39.84. The business’s 50-day moving average price is $37.54 and its 200 day moving average price is $34.39. The stock has a market cap of $310.47 billion, a P/E ratio of 13.74, a price-to-earnings-growth ratio of 1.73 and a beta of 1.37.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the business earned $0.94 earnings per share. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.23 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 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Analyst Ratings Changes

BAC has been the topic of a number of research reports. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Oppenheimer lifted their price target on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. JPMorgan Chase & Co. lifted their price target on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Evercore ISI lifted their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Finally, Jefferies Financial Group lifted their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Hold” and an average target price of $38.70.

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.