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

Vision Capital Management Inc. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 5.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 55,817 shares of the financial services provider’s stock after selling 3,090 shares during the period. Vision Capital Management Inc.’s holdings in Bank of America were worth $2,453,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter worth about $29,000. Highline Wealth Partners LLC grew its position in Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the period. Christopher J. Hasenberg Inc grew its position in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the period. Retirement Wealth Solutions LLC acquired a new position in Bank of America during the fourth quarter worth about $42,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the third quarter valued at about $45,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.8 %

Bank of America stock opened at $47.11 on Thursday. The company’s 50-day moving average price is $45.79 and its two-hundred day moving average price is $42.82. The stock has a market cap of $361.45 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.26 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. On average, analysts expect that Bank of America Co. will post 3.67 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BAC shares. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Piper Sandler decreased their price objective on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $48.58.

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.