Financial Avengers Inc. Cuts Position in Bank of America Corporation $BAC

Financial Avengers Inc. trimmed its stake in Bank of America Corporation (NYSE:BAC) by 1.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 190,566 shares of the financial services provider’s stock after selling 2,037 shares during the quarter. Bank of America makes up about 4.2% of Financial Avengers Inc.’s investment portfolio, making the stock its 8th largest holding. Financial Avengers Inc.’s holdings in Bank of America were worth $9,018,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BAC. Brighton Jones LLC grew its holdings in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in shares of Bank of America by 108.9% during the first quarter. Meeder Asset Management Inc. now owns 3,483 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 1,816 shares during the period. N.E.W. Advisory Services LLC bought a new stake in shares of Bank of America during the first quarter valued at about $166,000. Cozad Asset Management Inc. lifted its holdings in Bank of America by 4.7% in the first quarter. Cozad Asset Management Inc. now owns 11,234 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 500 shares during the period. Finally, Harvest Fund Management Co. Ltd grew its position in Bank of America by 8.8% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 35,831 shares of the financial services provider’s stock valued at $1,496,000 after buying an additional 2,906 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $53.01 on Thursday. The company’s fifty day moving average is $51.85 and its two-hundred day moving average is $48.66. The company has a market cap of $387.07 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.69. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.81 earnings per share. Equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

Analyst Ratings Changes

A number of research firms have commented on BAC. Truist Financial boosted their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Wolfe Research boosted their target price on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Ameriprise Financial raised Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Royal Bank Of Canada reiterated an “outperform” rating on shares of Bank of America in a research report on Thursday, November 6th. Finally, Phillip Securities raised their target price on Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.77.

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.