Sagespring Wealth Partners LLC Buys 6,694 Shares of Bank of America Co. (NYSE:BAC)

Sagespring Wealth Partners LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 9.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,942 shares of the financial services provider's stock after buying an additional 6,694 shares during the period. Sagespring Wealth Partners LLC's holdings in Bank of America were worth $3,211,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Brighton Jones LLC boosted its stake in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Van ECK Associates Corp boosted its stake in Bank of America by 243.1% during the 4th quarter. Van ECK Associates Corp now owns 65,991 shares of the financial services provider's stock valued at $2,900,000 after purchasing an additional 46,760 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in Bank of America by 8.9% during the 4th quarter. Vontobel Holding Ltd. now owns 226,384 shares of the financial services provider's stock valued at $9,950,000 after purchasing an additional 18,423 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its stake in Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after purchasing an additional 226,246 shares during the last quarter. Finally, WealthPLAN Partners LLC boosted its stake in Bank of America by 5.5% during the 4th quarter. WealthPLAN Partners LLC now owns 9,228 shares of the financial services provider's stock valued at $406,000 after purchasing an additional 479 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on BAC. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Piper Sandler cut their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $47.69.

Bank of America Stock Performance

NYSE BAC opened at $44.04 on Monday. The firm has a market cap of $331.67 billion, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average price of $41.50 and a 200-day moving average price of $43.36. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is presently 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.

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