Sarasin & Partners LLP Sells 7,000 Shares of Bank of America Co. (NYSE:BAC)

Sarasin & Partners LLP lessened its position in Bank of America Co. (NYSE:BAC) by 23.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,000 shares of the financial services provider’s stock after selling 7,000 shares during the period. Sarasin & Partners LLP’s holdings in Bank of America were worth $960,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Collier Financial bought a new position in Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the fourth quarter worth $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America during the fourth quarter worth $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America during the 4th quarter worth about $31,000. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on BAC. Evercore ISI lowered their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. JPMorgan Chase & Co. dropped their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Truist Financial lowered their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Down 0.1%

Bank of America stock opened at $44.93 on Tuesday. The company has a fifty day simple moving average of $40.78 and a 200 day simple moving average of $43.44. 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 $33.07 and a 1-year high of $48.08. The company has a market cap of $338.41 billion, a P/E ratio of 13.95, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

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.