VCI Wealth Management LLC Purchases 4,323 Shares of Bank of America Corporation $BAC

VCI Wealth Management LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 11.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,038 shares of the financial services provider’s stock after acquiring an additional 4,323 shares during the period. VCI Wealth Management LLC’s holdings in Bank of America were worth $1,989,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of BAC. Boston Common Asset Management LLC lifted its stake in shares of Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after buying 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. boosted its stake in shares of Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC boosted its stake in shares of Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth about $287,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 1.4%

BAC stock opened at $52.02 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The company has a market cap of $385.32 billion, a P/E ratio of 14.17, a PEG ratio of 1.95 and a beta of 1.33. The business has a fifty day moving average of $50.23 and a 200-day moving average of $46.00.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue was up 10.8% on a year-over-year basis. During the same period last year, the company earned $0.81 earnings per share. As a group, equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s payout ratio is presently 30.52%.

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wolfe Research boosted their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Oppenheimer boosted their target price on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Wells Fargo & Company raised their price target on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Argus boosted their price objective on Bank of America from $53.00 to $58.00 in a research note on Friday. Finally, Phillip Securities lowered Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $57.29.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is owned by corporate insiders.

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.