Viewpoint Capital Management LLC Sells 1,350 Shares of Bank of America Co. (NYSE:BAC)

Viewpoint Capital Management LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 0.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 159,109 shares of the financial services provider’s stock after selling 1,350 shares during the period. Bank of America makes up about 3.8% of Viewpoint Capital Management LLC’s portfolio, making the stock its 5th biggest holding. Viewpoint Capital Management LLC’s holdings in Bank of America were worth $6,033,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Hodges Capital Management Inc. lifted its position in Bank of America by 36.0% during the first quarter. Hodges Capital Management Inc. now owns 141,461 shares of the financial services provider’s stock worth $5,364,000 after purchasing an additional 37,430 shares during the period. Avity Investment Management Inc. lifted its holdings in shares of Bank of America by 4.8% during the 1st quarter. Avity Investment Management Inc. now owns 54,750 shares of the financial services provider’s stock worth $2,076,000 after acquiring an additional 2,500 shares during the period. OneAscent Financial Services LLC raised its position in Bank of America by 1.6% during the first quarter. OneAscent Financial Services LLC now owns 26,990 shares of the financial services provider’s stock valued at $1,030,000 after purchasing an additional 416 shares in the last quarter. Financial Management Professionals Inc. increased its stake in shares of Bank of America by 26.5% in the 1st quarter. Financial Management Professionals Inc. now owns 14,016 shares of the financial services provider’s stock valued at $531,000 after purchasing an additional 2,939 shares during the last quarter. Finally, Kathmere Capital Management LLC raised its stake in Bank of America by 26.1% during the first quarter. Kathmere Capital Management LLC now owns 25,417 shares of the financial services provider’s stock worth $964,000 after acquiring an additional 5,264 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BAC. Wells Fargo & Company upped their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $37.00 to $46.00 in a report on Friday, June 14th. JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Finally, Piper Sandler boosted their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $39.79.

Bank of America Trading Up 1.3 %

BAC traded up $0.52 during midday trading on Friday, reaching $39.77. 52,028,200 shares of the company’s stock traded hands, compared to its average volume of 35,164,596. The stock has a market capitalization of $311.02 billion, a price-to-earnings ratio of 13.76, a P/E/G ratio of 1.50 and a beta of 1.36. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34. The firm has a fifty day moving average of $38.91 and a two-hundred day moving average of $36.06. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the company earned $0.94 earnings per share. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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.