Victrix Investment Advisors Invests $4.60 Million in Bank of America Co. (NYSE:BAC)

Victrix Investment Advisors acquired a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 104,729 shares of the financial services provider's stock, valued at approximately $4,603,000. Bank of America makes up about 3.3% of Victrix Investment Advisors' holdings, making the stock its 7th largest position.

A number of other hedge funds also recently made changes to their positions in BAC. Regent Peak Wealth Advisors LLC lifted its stake in shares of Bank of America by 10.3% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider's stock valued at $526,000 after buying an additional 1,116 shares in the last quarter. Merit Financial Group LLC raised its holdings in Bank of America by 34.7% during the fourth quarter. Merit Financial Group LLC now owns 135,385 shares of the financial services provider's stock valued at $5,950,000 after acquiring an additional 34,881 shares during the period. Sax Wealth Advisors LLC purchased a new position in shares of Bank of America in the fourth quarter valued at about $546,000. CGN Advisors LLC boosted its stake in shares of Bank of America by 6.1% in the fourth quarter. CGN Advisors LLC now owns 7,535 shares of the financial services provider's stock worth $331,000 after acquiring an additional 431 shares during the period. Finally, TruWealth Advisors LLC grew its position in shares of Bank of America by 1.7% during the fourth quarter. TruWealth Advisors LLC now owns 24,823 shares of the financial services provider's stock worth $1,091,000 after purchasing an additional 404 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE:BAC opened at $44.66 on Monday. The firm has a market capitalization of $336.38 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50 day simple moving average of $40.03 and a 200-day simple moving average of $43.56. Bank of America Co. 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 issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The company 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 10.29% and a net margin of 14.10%. Equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Oppenheimer boosted their price target on Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Evercore ISI lowered their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Cowen began coverage on shares of Bank of America in a report on Wednesday. They issued a "buy" rating on the stock. Finally, UBS Group increased their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and an average price target of $47.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.