Bank of America Corporation $BAC Shares Acquired by Vision Capital Management Inc.

Vision Capital Management Inc. lifted its position in Bank of America Corporation (NYSE:BAC) by 18.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 124,630 shares of the financial services provider’s stock after purchasing an additional 19,728 shares during the quarter. Bank of America comprises 0.8% of Vision Capital Management Inc.’s holdings, making the stock its 29th largest position. Vision Capital Management Inc.’s holdings in Bank of America were worth $6,076,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of BAC. Brighton Jones LLC boosted its holdings in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC raised its stake in shares of Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after buying an additional 6,174 shares during the last quarter. Jump Financial LLC raised its stake in shares of Bank of America by 38.4% during the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock valued at $3,108,000 after buying an additional 18,227 shares during the last quarter. Nebula Research & Development LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at about $1,396,000. Finally, Vivaldi Capital Management LP boosted its stake in shares of Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after buying an additional 355 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America News Summary

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Analysts turned more constructive on Bank of America ahead of Q2 results, citing strong earnings expectations and raising price targets. Is Bank of America (BAC) the Most Undervalued American Stock to Invest In?
• Positive Sentiment: Bank of America is expected to deliver another solid quarter, with consensus calling for higher profit and revenue on July 14. Bank of America Likely To Report Higher Q2 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Neutral Sentiment: Senate Democrats asked the Fed’s inspector general to review whether a Fed vice chair’s attendance at a private Bank of America client dinner broke rules; this is a reputational headline, but it does not appear to involve the bank’s operations directly. US Senator Warren calls for Fed watchdog review of Bowman’s BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was fined $7.5 million by the SEC over suspicious activity report failures, adding a modest regulatory overhang. Bank of America’s Merrill Lynch unit fined $7.5M by U.S. SEC

Bank of America Price Performance

Shares of NYSE BAC opened at $58.36 on Thursday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a fifty day moving average of $53.60 and a 200 day moving average of $52.75. The firm has a market cap of $414.19 billion, a PE ratio of 14.45, a PEG ratio of 0.96 and a beta of 1.18. Bank of America Corporation has a one year low of $44.75 and a one year high of $59.19.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. As a group, research analysts predict that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, June 5th. Bank of America’s payout ratio is 27.72%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BAC shares. JPMorgan Chase & Co. decreased their price target on Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Evercore dropped their price objective on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday, May 15th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. Autonomous Res decreased their target price on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $61.60.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.27% of the stock is owned by insiders.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.