Sage Investment Advisers LLC Sells 662 Shares of Bank of America Co. (NYSE:BAC)

Sage Investment Advisers LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,222 shares of the financial services provider’s stock after selling 662 shares during the period. Sage Investment Advisers LLC’s holdings in Bank of America were worth $310,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BAC. Regent Peak Wealth Advisors LLC grew its stake in Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares during the last quarter. Kennedy Investment Group lifted its position in shares of 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 acquiring an additional 321 shares during the period. Private Ocean LLC grew its holdings in shares of Bank of America by 34.0% during the 4th 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 in the last quarter. Selective Wealth Management Inc. increased its position in shares of 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 period. Finally, Legacy Capital Wealth Partners LLC lifted its position in 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 purchasing an additional 338 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BAC shares. UBS Group reissued a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Evercore ISI boosted their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. 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 report on Thursday, April 18th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Finally, Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and a consensus price target of $38.70.

Bank of America Stock Performance

Shares of BAC stock traded down $0.13 on Wednesday, hitting $37.71. The company’s stock had a trading volume of 32,771,314 shares, compared to its average volume of 40,508,637. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s 50 day moving average is $36.61 and its 200-day moving average is $33.31. The company has a market capitalization of $294.91 billion, a PE ratio of 13.00, a PEG ratio of 1.66 and a beta of 1.37.

Bank of America (NYSE:BAC) last released its quarterly earnings results 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. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.94 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.21 earnings per share for the current fiscal 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 dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. Bank of America’s payout ratio is 33.22%.

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.