Vise Technologies Inc. Makes New Investment in Bank of America Corporation $BAC

Vise Technologies Inc. bought a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, HoldingsChannel.com reports. The fund bought 164,325 shares of the financial services provider’s stock, valued at approximately $7,776,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Boston Common Asset Management LLC boosted its position in Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after purchasing an additional 24,740 shares during the period. Disciplined Investments LLC bought a new stake in Bank of America in the second quarter valued at $217,000. Nicholas Hoffman & Company LLC. lifted its stake in Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after buying an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC boosted its holdings in shares of Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 439 shares during the period. Finally, CCG Wealth Management LLC bought a new position in shares of Bank of America during the second quarter worth about $287,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Royal Bank Of Canada restated an “outperform” rating on shares of Bank of America in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Argus lifted their target price on Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. HSBC increased their price target 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. Finally, Phillip Securities lifted their price objective on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Stock Performance

Shares of BAC stock opened at $53.22 on Monday. The company has a market capitalization of $388.62 billion, a price-to-earnings ratio of 14.50, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.99. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock’s fifty day simple moving average is $51.33 and its 200-day simple moving average is $47.63.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 earnings per share. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Bank of America announced that its board has authorized a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

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.