Sawgrass Asset Management LLC Sells 2,593 Shares of Bank of America Co. (NYSE:BAC)

Sawgrass Asset Management LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 10.5% in the 4th quarter, HoldingsChannel reports. The firm owned 22,073 shares of the financial services provider’s stock after selling 2,593 shares during the period. Sawgrass Asset Management LLC’s holdings in Bank of America were worth $970,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Collier Financial bought a new position in shares of Bank of America in the fourth quarter worth about $25,000. Kennebec Savings Bank bought a new stake in shares of Bank of America during the third quarter worth approximately $29,000. Highline Wealth Partners LLC raised its stake in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC bought a new stake in shares of Bank of America during the fourth quarter worth approximately $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America during the third quarter valued at approximately $45,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 1.2 %

BAC opened at $46.21 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The company’s 50 day moving average price is $45.77 and its two-hundred day moving average price is $43.00. The firm has a market capitalization of $354.56 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 1.29 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. The business’s revenue was up 15.0% on a year-over-year basis. As a group, research analysts predict that Bank of America Co. will post 3.69 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America’s payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Piper Sandler reduced their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.