Bank of America Corporation (NYSE:BAC) Shares Sold by Viawealth LLC

Viawealth LLC lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 55,313 shares of the financial services provider’s stock after selling 1,007 shares during the quarter. Bank of America makes up about 1.4% of Viawealth LLC’s investment portfolio, making the stock its 17th biggest position. Viawealth LLC’s holdings in Bank of America were worth $2,308,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Hayek Kallen Investment Management lifted its holdings in shares of Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock worth $528,000 after acquiring an additional 233 shares during the period. Continuum Advisory LLC raised its stake in Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 237 shares during the period. Menard Financial Group LLC raised its stake in Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after purchasing an additional 240 shares during the period. Northern Financial Advisors Inc raised its position in shares of Bank of America by 1.8% in the 1st quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider’s stock worth $600,000 after buying an additional 252 shares during the period. Finally, Hancock Whitney Corp raised its position in shares of Bank of America by 0.3% in the 4th quarter. Hancock Whitney Corp now owns 89,203 shares of the financial services provider’s stock worth $3,920,000 after buying an additional 260 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $48.23 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $49.31. The stock’s 50 day moving average is $45.98 and its two-hundred day moving average is $43.74. The company has a market capitalization of $363.26 billion, a PE ratio of 14.10, a P/E/G ratio of 1.88 and a beta of 1.30.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.83 earnings per share. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a $0.28 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is presently 30.41%.

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages recently weighed in on BAC. Evercore ISI cut their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an “outperform” rating in a report on Monday, June 30th. Barclays cut 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. Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Finally, Citigroup raised their price target on shares of Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $50.03.

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.