Hexagon Capital Partners LLC Buys 419 Shares of Bank of America Co. (NYSE:BAC)

Hexagon Capital Partners LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 0.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,816 shares of the financial services provider’s stock after acquiring an additional 419 shares during the quarter. Bank of America accounts for approximately 0.5% of Hexagon Capital Partners LLC’s holdings, making the stock its 13th largest position. Hexagon Capital Partners LLC’s holdings in Bank of America were worth $2,182,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Northern Trust Corp lifted its position in Bank of America by 2.1% in the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after acquiring an additional 1,397,469 shares in the last quarter. Barclays PLC raised its stake in Bank of America by 97.3% during 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 buying an additional 20,362,295 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Bank of America by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock valued at $1,109,383,000 after buying an additional 746,756 shares during the last quarter. California Public Employees Retirement System raised its stake in Bank of America by 5.9% during the 4th quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock valued at $758,871,000 after buying an additional 1,250,096 shares during the last quarter. Finally, Pzena Investment Management LLC raised its stake in Bank of America by 28.7% during the 3rd quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock valued at $531,997,000 after buying an additional 4,335,882 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on BAC shares. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. UBS Group reiterated a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research note on Tuesday, January 16th. Citigroup upped their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Finally, Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $38.59.

Bank of America Price Performance

Shares of BAC traded down $0.54 during mid-day trading on Tuesday, hitting $37.01. 30,280,209 shares of the company were exchanged, compared to its average volume of 41,130,859. The stock has a market cap of $291.99 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The company has a 50 day moving average of $36.26 and a 200-day moving average of $32.95.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS 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%. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. Analysts expect that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed 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. 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 2.59%. 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.