Virginia Retirement Systems ET AL Lowers Stake in Bank of America Corp (BAC)

Virginia Retirement Systems ET AL reduced its stake in shares of Bank of America Corp (NYSE:BAC) by 13.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,427,504 shares of the financial services provider’s stock after selling 227,300 shares during the period. Virginia Retirement Systems ET AL’s holdings in Bank of America were worth $35,174,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Buffington Mohr McNeal lifted its stake in shares of Bank of America by 45.7% during the fourth quarter. Buffington Mohr McNeal now owns 27,425 shares of the financial services provider’s stock worth $676,000 after buying an additional 8,600 shares during the period. Check Capital Management Inc. CA lifted its stake in shares of Bank of America by 6.3% during the fourth quarter. Check Capital Management Inc. CA now owns 11,394 shares of the financial services provider’s stock worth $281,000 after buying an additional 678 shares during the period. Weatherstone Capital Management lifted its stake in shares of Bank of America by 122.1% during the fourth quarter. Weatherstone Capital Management now owns 35,661 shares of the financial services provider’s stock worth $1,051,000 after buying an additional 19,605 shares during the period. Point View Wealth Management Inc. lifted its stake in shares of Bank of America by 8.6% during the fourth quarter. Point View Wealth Management Inc. now owns 62,120 shares of the financial services provider’s stock worth $1,531,000 after buying an additional 4,938 shares during the period. Finally, Corient Capital Partners LLC lifted its stake in shares of Bank of America by 8.4% during the fourth quarter. Corient Capital Partners LLC now owns 92,982 shares of the financial services provider’s stock worth $2,291,000 after buying an additional 7,183 shares during the period. Institutional investors and hedge funds own 64.22% of the company’s stock.

Several equities research analysts have recently commented on BAC shares. Jefferies Financial Group lifted their price objective on shares of Bank of America from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, January 18th. Wells Fargo & Co set a $36.00 target price on shares of Bank of America and gave the company a “buy” rating in a research report on Wednesday, January 16th. Edward Jones upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, January 9th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 target price for the company in a research report on Tuesday, January 8th. Finally, Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research report on Monday, January 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $33.18.



Shares of Bank of America stock traded down $0.08 during trading hours on Friday, reaching $29.38. The stock had a trading volume of 518,061 shares, compared to its average volume of 61,407,488. The company has a market cap of $301.78 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 1.27 and a beta of 1.49. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $32.57. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $22.89 billion during the quarter, compared to the consensus estimate of $22.37 billion. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.48 earnings per share. Equities research analysts forecast that Bank of America Corp will post 2.84 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be given a $0.15 dividend. The ex-dividend date is Thursday, February 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.04%. Bank of America’s dividend payout ratio (DPR) is currently 22.99%.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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