Vision Capital Management Inc. Purchases 42,185 Shares of Bank of America Corporation (NYSE:BAC)

Vision Capital Management Inc. grew its position in Bank of America Corporation (NYSE:BAC) by 75.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 98,002 shares of the financial services provider’s stock after acquiring an additional 42,185 shares during the quarter. Vision Capital Management Inc.’s holdings in Bank of America were worth $4,090,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of BAC. Avalon Trust Co increased its stake in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 219 shares during the last quarter. TAGStone Capital Inc. grew its stake in shares of Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock valued at $870,000 after buying an additional 227 shares during the last quarter. Hayek Kallen Investment Management grew its stake in shares of Bank of America by 2.0% during the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock valued at $528,000 after buying an additional 233 shares during the last quarter. Continuum Advisory LLC grew its stake in shares of Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock valued at $734,000 after buying an additional 237 shares during the last quarter. Finally, Menard Financial Group LLC grew its stake in shares of Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock valued at $906,000 after buying an additional 240 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $46.98 on Thursday. The business’s fifty day simple moving average is $44.74 and its 200-day simple moving average is $43.52. The company has a market cap of $353.85 billion, a PE ratio of 13.95, a PEG ratio of 1.28 and a beta of 1.30. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Analysts expect 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 announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Friday, June 6th. Bank of America’s payout ratio is 30.95%.

Analysts Set New Price Targets

BAC has been the topic of a number of analyst reports. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Evercore ISI cut their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an “outperform” rating in a report on Monday, June 30th. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Finally, Citigroup boosted their price target on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.89.

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.