Vise Technologies Inc. Invests $7.78 Million in Bank of America Corporation $BAC

Vise Technologies Inc. bought a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 164,325 shares of the financial services provider’s stock, valued at approximately $7,776,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quaker Wealth Management LLC grew its stake in Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 880 shares during the last quarter. Nova Wealth Management Inc. lifted its holdings 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 purchasing an additional 227 shares in the last quarter. RMG Wealth Management LLC acquired a new stake in shares of Bank of America in the second quarter valued at approximately $28,000. CGC Financial Services LLC grew its position 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 purchasing an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.1%

BAC opened at $53.22 on Monday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $53.99. The business has a 50-day moving average of $51.33 and a two-hundred day moving average of $47.63. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $388.62 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping 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 business had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the prior year, the firm posted $0.81 EPS. The company’s revenue was up 10.8% on a year-over-year basis. On average, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders 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 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BAC. Daiwa Capital Markets increased their target price on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, October 8th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Truist Financial increased their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Wells Fargo & Company lifted their price objective on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Finally, Citigroup upped their target price on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

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.