Virtue Capital Management LLC Sells 882 Shares of Bank of America Co. (NYSE:BAC)

Virtue Capital Management LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 5.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,604 shares of the financial services provider’s stock after selling 882 shares during the quarter. Virtue Capital Management LLC’s holdings in Bank of America were worth $642,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Graney & King LLC bought a new stake in Bank of America during the 4th quarter valued at $25,000. Collier Financial bought a new stake in Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC bought a new stake in Bank of America during the 4th quarter valued at $29,000. Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter valued at $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America during the 4th quarter valued at $31,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on BAC. Piper Sandler lowered their target price 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. Truist Financial lowered their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Barclays decreased 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. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Finally, UBS Group upped their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Performance

NYSE BAC opened at $43.20 on Tuesday. The company has a 50-day simple moving average of $40.36 and a two-hundred day simple moving average of $43.58. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The firm has a market cap of $325.38 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given 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 yield of 2.41%. 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.