Bank of America Co. (NYSE:BAC) Shares Sold by Viewpoint Capital Management LLC

Viewpoint Capital Management LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 0.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 159,109 shares of the financial services provider’s stock after selling 1,350 shares during the period. Bank of America makes up approximately 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 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of BAC. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth about $25,000. Livelsberger Financial Advisory purchased a new position in Bank of America during the fourth quarter worth approximately $28,000. Criterion Capital Advisors LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the first quarter valued at approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC raised its stake in shares of Bank of America by 431.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after buying an additional 862 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. UBS Group restated a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. BMO Capital Markets boosted their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Oppenheimer lifted their price target on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 30th. Piper Sandler raised their price objective on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a report on Tuesday, June 4th. Finally, HSBC reissued a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Hold” and a consensus price target of $39.79.

Bank of America Trading Up 1.3 %

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

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

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.41%. Bank of America’s dividend payout ratio is presently 33.22%.

About Bank of America

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.