Avior Wealth Management LLC Sells 18,395 Shares of Bank of America Corporation (NYSE:BAC)

Avior Wealth Management LLC reduced its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 21.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 67,454 shares of the financial services provider's stock after selling 18,395 shares during the quarter. Avior Wealth Management LLC's holdings in Bank of America were worth $2,815,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in BAC. Graney & King LLC purchased a new position in Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $29,000. Vega Investment Solutions purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in Bank of America during the fourth quarter worth approximately $34,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Royal Bank Of Canada dropped their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Argus dropped their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, TD Cowen began coverage on Bank of America in a research report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.69.

Bank of America Stock Performance

BAC traded up $0.45 on Friday, hitting $45.51. The company had a trading volume of 64,519,452 shares, compared to its average volume of 39,802,976. The stock has a market cap of $342.78 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The company's fifty day moving average price is $42.36 and its 200 day moving average price is $43.31. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $26.83 billion. Equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. Bank of America's payout ratio is 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.