Hexagon Capital Partners LLC Has $2.30 Million Stake in Bank of America Co. (NYSE:BAC)

Hexagon Capital Partners LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 6.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 60,628 shares of the financial services provider’s stock after selling 4,188 shares during the period. Bank of America comprises approximately 0.5% of Hexagon Capital Partners LLC’s portfolio, making the stock its 13th biggest position. Hexagon Capital Partners LLC’s holdings in Bank of America were worth $2,299,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fortis Group Advisors LLC bought a new stake in Bank of America in the 3rd quarter worth about $25,000. Livelsberger Financial Advisory bought a new position in shares of Bank of America in the fourth quarter valued at approximately $28,000. Criterion Capital Advisors LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the first quarter valued at approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC boosted its position in Bank of America by 431.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 862 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. BMO Capital Markets raised their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Piper Sandler raised their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. Finally, Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday, April 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $39.79.

Bank of America Price Performance

NYSE:BAC traded up $0.24 during trading hours on Monday, hitting $40.01. 26,766,562 shares of the company’s stock traded hands, compared to its average volume of 38,869,418. The firm 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. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business’s fifty day simple moving average is $38.91 and its two-hundred day simple moving average is $36.12. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the company posted $0.94 EPS. On average, research analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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