Avenir Corp Sells 6,217 Shares of Bank of America Co. (NYSE:BAC)

Avenir Corp decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 20.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,740 shares of the financial services provider’s stock after selling 6,217 shares during the quarter. Avenir Corp’s holdings in Bank of America were worth $1,087,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Salzhauer Michael lifted its holdings in shares of Bank of America by 27.5% during the fourth quarter. Salzhauer Michael now owns 1,752,003 shares of the financial services provider’s stock worth $77,001,000 after buying an additional 377,900 shares during the last quarter. Greenwood Gearhart Inc. acquired a new position in Bank of America during the 4th quarter valued at $485,000. MSH Capital Advisors LLC bought a new stake in Bank of America in the 4th quarter valued at $631,000. Main Street Financial Solutions LLC grew its position in Bank of America by 150.1% in the 4th quarter. Main Street Financial Solutions LLC now owns 74,359 shares of the financial services provider’s stock worth $3,268,000 after purchasing an additional 44,631 shares during the last quarter. Finally, Evergreen Capital Management LLC increased its holdings in shares of Bank of America by 3.0% during the 4th quarter. Evergreen Capital Management LLC now owns 325,927 shares of the financial services provider’s stock worth $14,325,000 after purchasing an additional 9,453 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 1.7 %

Shares of BAC opened at $37.35 on Thursday. The stock’s fifty day simple moving average is $41.65 and its 200-day simple moving average is $43.62. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $283.96 billion, a PE ratio of 11.60, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BAC. Truist Financial reduced their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Barclays reduced their target price on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday. Oppenheimer boosted their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Citigroup reduced their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $47.20.

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.