Hexagon Capital Partners LLC Has $2.31 Million Stock Position in Bank of America Corporation (NYSE:BAC)

Hexagon Capital Partners LLC reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 55,345 shares of the financial services provider’s stock after selling 2,178 shares during the period. Bank of America makes up approximately 0.4% of Hexagon Capital Partners LLC’s holdings, making the stock its 18th biggest holding. Hexagon Capital Partners LLC’s holdings in Bank of America were worth $2,310,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $60,679,000. Gradient Investments LLC raised its holdings in shares of Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Prudential Financial Inc. raised its holdings in shares of Bank of America by 13.7% in the fourth quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider’s stock valued at $274,767,000 after purchasing an additional 753,880 shares during the last quarter. Finally, Employees Retirement System of Texas raised its holdings in shares of Bank of America by 12.7% in the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider’s stock valued at $69,640,000 after purchasing an additional 17,880 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.5%

BAC stock opened at $48.94 on Friday. The company has a fifty day moving average price of $44.28 and a two-hundred day moving average price of $43.44. The stock has a market cap of $368.61 billion, a price-to-earnings ratio of 14.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.13%. Bank of America’s payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BAC shares. Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the company an “outperform” rating in a report on Monday, June 30th. Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Baird R W downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Finally, Truist Financial lowered their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.28.

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.