Virtus Fund Advisers LLC Sells 8,200 Shares of Bank of America (BAC)

Virtus Fund Advisers LLC reduced its position in Bank of America (NYSE:BAC) by 2.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 373,424 shares of the financial services provider’s stock after selling 8,200 shares during the period. Virtus Fund Advisers LLC’s holdings in Bank of America were worth $11,023,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its holdings in shares of Bank of America by 5.8% in the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock worth $3,086,572,000 after purchasing an additional 5,720,403 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Bank of America by 0.7% in the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock worth $1,296,863,000 after purchasing an additional 379,854 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Bank of America by 27.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Bank of America by 13.6% in the 3rd quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock worth $1,017,645,000 after purchasing an additional 4,801,300 shares in the last quarter. Finally, UBS Asset Management Americas Inc. lifted its holdings in shares of Bank of America by 3.7% in the 4th quarter. UBS Asset Management Americas Inc. now owns 39,813,205 shares of the financial services provider’s stock worth $1,175,286,000 after purchasing an additional 1,403,412 shares in the last quarter. Institutional investors own 69.84% of the company’s stock.

How to Become a New Pot Stock Millionaire

Several brokerages have weighed in on BAC. BMO Capital Markets raised their price objective on Bank of America to $34.00 and gave the company an “average” rating in a research note on Thursday, January 18th. They noted that the move was a valuation call. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Keefe, Bruyette & Woods restated a “buy” rating and set a $35.00 price objective on shares of Bank of America in a research note on Thursday. Vetr cut Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective on the stock. in a research note on Wednesday, January 10th. Finally, Vining Sparks restated a “buy” rating and set a $34.00 price objective on shares of Bank of America in a research note on Wednesday, January 17th. Nine analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $30.97.

NYSE BAC opened at $29.63 on Friday. The firm has a market cap of $310,588.69, a PE ratio of 16.19, a price-to-earnings-growth ratio of 1.53 and a beta of 1.37. Bank of America has a one year low of $22.07 and a one year high of $33.05. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.03. The company had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.40 EPS. sell-side analysts forecast that Bank of America will post 2.48 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 2nd were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Thursday, March 1st. Bank of America’s payout ratio is 26.23%.

TRADEMARK VIOLATION NOTICE: “Virtus Fund Advisers LLC Sells 8,200 Shares of Bank of America (BAC)” was first posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this report on another publication, it was stolen and reposted in violation of international trademark & copyright legislation. The correct version of this report can be viewed at https://www.dispatchtribunal.com/2018/04/07/virtus-fund-advisers-llc-sells-8200-shares-of-bank-of-america-bac.html.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America (NYSE:BAC).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply