Sierra Capital LLC Has $8.60 Million Stake in Bank of America Co. (NYSE:BAC)

Sierra Capital LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 0.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 195,776 shares of the financial services provider’s stock after selling 421 shares during the quarter. Bank of America makes up about 1.0% of Sierra Capital LLC’s portfolio, making the stock its 28th largest holding. Sierra Capital LLC’s holdings in Bank of America were worth $8,604,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Collier Financial acquired a new stake in Bank of America during the 4th quarter worth about $25,000. Kennebec Savings Bank bought a new stake in shares of Bank of America during the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC grew its stake in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares during the period. Retirement Wealth Solutions LLC bought a new stake in Bank of America in the fourth quarter worth approximately $42,000. Finally, POM Investment Strategies LLC lifted its stake in Bank of America by 1,306.5% in the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,006 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $44.48 on Tuesday. The firm has a market cap of $341.25 billion, a price-to-earnings ratio of 13.81, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33. The stock has a fifty day simple moving average of $45.73 and a two-hundred day simple moving average of $43.46. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $33.53 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter last year, the business earned $0.70 earnings per share. The company’s quarterly revenue was up 15.0% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Oppenheimer increased their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Finally, Morgan Stanley upped their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

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.