Vicus Capital Has $558,000 Position in Bank of America Co. (NYSE:BAC)

Vicus Capital increased its holdings in Bank of America Co. (NYSE:BAC) by 16.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,036 shares of the financial services provider’s stock after purchasing an additional 1,967 shares during the period. Vicus Capital’s holdings in Bank of America were worth $558,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Wealth Advisors LLC grew its position in Bank of America by 92.1% in the second quarter. Fifth Third Wealth Advisors LLC now owns 144,917 shares of the financial services provider’s stock valued at $5,763,000 after acquiring an additional 69,466 shares during the period. Bay Rivers Group boosted its stake in shares of Bank of America by 6.1% in the 2nd quarter. Bay Rivers Group now owns 13,466 shares of the financial services provider’s stock valued at $536,000 after purchasing an additional 770 shares in the last quarter. Aaron Wealth Advisors LLC grew its holdings in shares of Bank of America by 0.8% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 39,027 shares of the financial services provider’s stock worth $1,552,000 after purchasing an additional 313 shares during the last quarter. Centennial Wealth Advisory LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth about $223,000. Finally, Krilogy Financial LLC lifted its holdings in Bank of America by 4.1% during the 2nd quarter. Krilogy Financial LLC now owns 36,186 shares of the financial services provider’s stock valued at $1,439,000 after purchasing an additional 1,413 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the transaction, the insider now owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. The disclosure for this sale can be found here. Insiders have sold a total of 66,768,513 shares of company stock valued at $2,807,216,504 over the last 90 days. 0.29% of the stock is owned by company insiders.

Bank of America Price Performance

Shares of Bank of America stock remained flat at $38.75 during trading on Thursday. The stock had a trading volume of 7,548,161 shares, compared to its average volume of 39,006,207. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $303.04 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 1.41 and a beta of 1.35. The stock has a fifty day moving average price of $40.19 and a two-hundred day moving average price of $37.97. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.88 earnings per share. As a group, equities research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio is 35.99%.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Royal Bank of Canada raised their price objective on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Barclays raised their target price on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. BMO Capital Markets raised their price objective on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Finally, Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.07.

About Bank of America

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.