Vestor Capital LLC Sells 1,704 Shares of Bank of America Corporation $BAC

Vestor Capital LLC trimmed its stake in Bank of America Corporation (NYSE:BAC) by 1.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 106,263 shares of the financial services provider’s stock after selling 1,704 shares during the period. Vestor Capital LLC’s holdings in Bank of America were worth $5,028,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Nova Wealth Management Inc. raised its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the period. Quaker Wealth Management LLC boosted its stake in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the period. RMG Wealth Management LLC bought a new position in Bank of America during the 2nd quarter valued at about $28,000. CGC Financial Services LLC raised its position in Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. Finally, Acima Private Wealth LLC bought a new stake in Bank of America in the second quarter worth about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Argus upped their price target on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Robert W. Baird boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Wolfe Research raised their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Piper Sandler lifted their price target on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Finally, Ameriprise Financial raised Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Price Performance

NYSE BAC opened at $51.54 on Friday. The company has a market cap of $376.37 billion, a PE ratio of 14.04, a P/E/G ratio of 1.99 and a beta of 1.34. The firm’s 50 day moving average price is $51.76 and its 200-day moving average price is $48.43. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $54.69.

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

Bank of America Dividend Announcement

The business also recently announced 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 2.2%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

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.