Sierra Capital LLC Sells 13,163 Shares of Bank of America Corporation (NYSE:BAC)

Sierra Capital LLC cut its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 182,613 shares of the financial services provider's stock after selling 13,163 shares during the quarter. Bank of America accounts for about 0.9% of Sierra Capital LLC's portfolio, making the stock its 28th biggest position. Sierra Capital LLC's holdings in Bank of America were worth $7,620,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Graney & King LLC purchased a new stake in shares of Bank of America in the fourth quarter worth approximately $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $34,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Bank of America stock traded down $0.28 during midday trading on Wednesday, hitting $46.87. 46,217,283 shares of the company's stock were exchanged, compared to its average volume of 40,452,904. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The stock has a 50-day moving average price of $44.60 and a two-hundred day moving average price of $43.50. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The company has a market cap of $353.02 billion, a P/E ratio of 13.95, a PEG ratio of 1.28 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is 30.95%.

Analyst Ratings Changes

A number of analysts recently commented on BAC shares. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. UBS Group increased their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. The Goldman Sachs Group raised their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Finally, Morgan Stanley raised their target price on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus target price of $48.59.

Bank of America 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.