Sargent Investment Group LLC Takes Position in Bank of America Corp (BAC)

Sargent Investment Group LLC acquired a new position in shares of Bank of America Corp (NYSE:BAC) in the 4th quarter, Holdings Channel reports. The fund acquired 17,290 shares of the financial services provider’s stock, valued at approximately $426,000.

A number of other hedge funds have also recently modified their holdings of the stock. CI Investments Inc. raised its stake in shares of Bank of America by 168.5% during the 3rd quarter. CI Investments Inc. now owns 5,840,497 shares of the financial services provider’s stock worth $172,061,000 after buying an additional 3,665,300 shares during the period. Westpac Banking Corp raised its stake in shares of Bank of America by 9.6% during the 3rd quarter. Westpac Banking Corp now owns 1,343,073 shares of the financial services provider’s stock worth $39,567,000 after buying an additional 117,834 shares during the period. Holderness Investments Co. raised its stake in shares of Bank of America by 10.7% during the 3rd quarter. Holderness Investments Co. now owns 68,412 shares of the financial services provider’s stock worth $2,015,000 after buying an additional 6,618 shares during the period. Davidson Investment Advisors raised its stake in shares of Bank of America by 1.8% during the 3rd quarter. Davidson Investment Advisors now owns 655,455 shares of the financial services provider’s stock worth $19,310,000 after buying an additional 11,656 shares during the period. Finally, Gideon Capital Advisors Inc. acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $3,096,000. 65.22% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:BAC opened at $28.54 on Tuesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market capitalization of $292.35 billion, a price-to-earnings ratio of 10.93, a P/E/G ratio of 1.20 and a beta of 1.48. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.91.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.07. The company had revenue of $22.89 billion during the quarter, compared to analysts’ expectations of $22.37 billion. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.48 EPS. As a group, equities analysts expect that Bank of America Corp will post 2.87 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend was Thursday, February 28th. Bank of America’s payout ratio is currently 22.99%.

Several research analysts have recently weighed in on the company. Oppenheimer upped their target price on Bank of America from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 26th. Zacks Investment Research cut Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Daiwa Capital Markets cut Bank of America from an “outperform” rating to a “market perform” rating in a research report on Friday, February 8th. Finally, UBS Group set a $33.00 price target on Bank of America and gave the stock a “buy” rating in a research report on Saturday, February 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $33.71.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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