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

Sage Investment Advisers LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 6.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. 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 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Barclays PLC raised its holdings in Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd lifted its holdings in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP bought a new stake in Bank of America in the 3rd quarter valued at $177,970,000. Canada Pension Plan Investment Board grew its holdings in Bank of America by 143.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after buying an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new position in Bank of America during the 3rd quarter worth $168,610,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Jefferies Financial Group increased their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Citigroup increased their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Evercore ISI upped their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Wells Fargo & Company lifted their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, Keefe, Bruyette & Woods upped their target price 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. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Hold” and an average price target of $38.70.

Bank of America Trading Down 0.3 %

NYSE:BAC traded down $0.13 on Wednesday, reaching $37.71. 32,771,314 shares of the stock traded hands, compared to its average volume of 40,508,637. The firm has a market capitalization of $294.91 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company’s 50 day moving average is $36.61 and its 200-day moving average is $33.31.

Bank of America (NYSE:BAC) last released 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. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Friday, June 7th. 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.