Vision Capital Management Inc. Lowers Position in Bank of America Co. (NYSE:BAC)

Vision Capital Management Inc. decreased its position in Bank of America Co. (NYSE:BAC) by 0.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,919 shares of the financial services provider’s stock after selling 437 shares during the period. Vision Capital Management Inc.’s holdings in Bank of America were worth $1,950,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Roundview Capital LLC boosted its holdings in Bank of America by 1.5% during the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after buying an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P raised its position in Bank of America by 150.3% during the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 1,192 shares during the last quarter. NewEdge Advisors LLC raised its position in Bank of America by 4.2% during the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after acquiring an additional 16,319 shares during the last quarter. First Western Trust Bank acquired a new position in Bank of America during the first quarter worth about $586,000. Finally, Pearl River Capital LLC acquired a new position in Bank of America during the first quarter worth about $534,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $37.11 on Wednesday. The company has a market capitalization of $292.82 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 1.69 and a beta of 1.38. The firm has a fifty day simple moving average of $34.25 and a 200-day simple moving average of $31.20. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $37.61.

Bank of America (NYSE:BAC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The business had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.12 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. Bank of America’s dividend payout ratio (DPR) is 31.27%.

Analyst Ratings Changes

A number of equities analysts have issued reports on BAC shares. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. BMO Capital Markets cut their price objective on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. Oppenheimer cut their price objective on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Tuesday, March 19th. Citigroup boosted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Finally, The Goldman Sachs Group boosted their price objective on shares of Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $35.65.

Bank of America Company 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.