Hexagon Capital Partners LLC Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

Hexagon Capital Partners LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,628 shares of the financial services provider’s stock after selling 4,188 shares during the quarter. Bank of America makes up approximately 0.5% of Hexagon Capital Partners LLC’s holdings, making the stock its 13th biggest position. Hexagon Capital Partners LLC’s holdings in Bank of America were worth $2,299,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fortis Group Advisors LLC bought a new position in Bank of America in the third quarter worth approximately $25,000. Livelsberger Financial Advisory purchased a new stake in shares of Bank of America in the 4th quarter worth $28,000. Criterion Capital Advisors LLC bought a new position in Bank of America in the 4th quarter worth $32,000. Northwest Investment Counselors LLC purchased a new position in Bank of America during the first quarter valued at $33,000. Finally, Mark Sheptoff Financial Planning LLC grew its holdings in Bank of America by 431.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 862 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Piper Sandler raised their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. BMO Capital Markets increased their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. JPMorgan Chase & Co. raised their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. UBS Group reaffirmed a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Evercore ISI boosted their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.24 during trading hours on Monday, reaching $40.01. The company’s stock had a trading volume of 26,766,562 shares, compared to its average volume of 38,869,418. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a one year low of $24.96 and a one year high of $40.34. The firm has a 50 day moving average price of $38.91 and a 200-day moving average price of $36.12. The stock has a market cap of $312.89 billion, a P/E ratio of 13.84, a P/E/G ratio of 1.52 and a beta of 1.35.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for 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 for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 earnings per share. On average, analysts predict that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.40%. Bank of America’s dividend payout ratio is presently 33.22%.

About Bank of America

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.