Bank of America Corporation $BAC Shares Bought by VCI Wealth Management LLC

VCI Wealth Management LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 27.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,512 shares of the financial services provider’s stock after acquiring an additional 11,474 shares during the period. Bank of America makes up 0.8% of VCI Wealth Management LLC’s holdings, making the stock its 28th biggest holding. VCI Wealth Management LLC’s holdings in Bank of America were worth $2,761,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Nova Wealth Management Inc. boosted its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. Quaker Wealth Management LLC raised its position in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the period. RMG Wealth Management LLC acquired a new position in Bank of America during the second quarter worth $28,000. Steph & Co. boosted its position in shares of Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after buying an additional 379 shares during the period. Finally, CGC Financial Services LLC grew its stake in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC opened at $56.29 on Friday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $56.50. The stock has a market capitalization of $411.06 billion, a PE ratio of 15.34 and a beta of 1.30. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a 50-day simple moving average of $53.35 and a 200-day simple moving average of $50.14.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter last year, the company earned $0.81 earnings per share. The firm’s revenue was up 10.8% compared to the same quarter last year. On average, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BAC. HSBC increased their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Wolfe Research boosted their price target on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Evercore ISI increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, October 16th. TD Cowen lifted their price objective on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Finally, Daiwa Capital Markets upped their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $58.59.

About Bank of America

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.