Victrix Investment Advisors Decreases Position in Bank of America Corporation (NYSE:BAC)

Victrix Investment Advisors decreased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 5.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,670 shares of the financial services provider's stock after selling 6,059 shares during the quarter. Bank of America comprises about 2.1% of Victrix Investment Advisors' portfolio, making the stock its 14th biggest position. Victrix Investment Advisors' holdings in Bank of America were worth $4,011,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after acquiring an additional 226,246 shares during the period. Bryn Mawr Capital Management LLC grew its stake in Bank of America by 2.1% during the 4th quarter. Bryn Mawr Capital Management LLC now owns 58,439 shares of the financial services provider's stock valued at $2,568,000 after purchasing an additional 1,220 shares during the last quarter. Phocas Financial Corp. acquired a new position in shares of Bank of America in the fourth quarter valued at about $204,000. Finally, Carlson Capital L.P. purchased a new position in shares of Bank of America in the fourth quarter worth about $3,292,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BAC shares. Truist Financial dropped their target price on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Evercore ISI reduced their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Barclays lowered their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have given a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $47.56.

Bank of America Stock Performance

BAC opened at $47.51 on Friday. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The firm's fifty day simple moving average is $43.12 and its two-hundred day simple moving average is $43.34. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The company has a market cap of $357.83 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.27 and a beta of 1.30.

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, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is currently 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.

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