Vicus Capital Sells 3,757 Shares of Bank of America Co. (NYSE:BAC)

Vicus Capital lessened its holdings in Bank of America Co. (NYSE:BAC) by 26.8% in the third quarter, HoldingsChannel reports. The fund owned 10,279 shares of the financial services provider’s stock after selling 3,757 shares during the period. Vicus Capital’s holdings in Bank of America were worth $408,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Graybill Wealth Management LTD. boosted its holdings in Bank of America by 1.3% in the 3rd quarter. Graybill Wealth Management LTD. now owns 119,841 shares of the financial services provider’s stock valued at $4,755,000 after purchasing an additional 1,490 shares during the period. Sweeney & Michel LLC raised its position in shares of Bank of America by 4.6% in the third quarter. Sweeney & Michel LLC now owns 34,560 shares of the financial services provider’s stock valued at $1,463,000 after buying an additional 1,529 shares in the last quarter. Oakworth Capital Inc. boosted its stake in shares of Bank of America by 5.2% in the third quarter. Oakworth Capital Inc. now owns 19,990 shares of the financial services provider’s stock valued at $793,000 after buying an additional 987 shares during the period. Ledyard National Bank grew its position in Bank of America by 17.5% during the third quarter. Ledyard National Bank now owns 11,898 shares of the financial services provider’s stock worth $472,000 after buying an additional 1,769 shares in the last quarter. Finally, Integrity Financial Corp WA increased its stake in Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 240 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $42.29 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The business’s 50 day simple moving average is $40.04 and its 200 day simple moving average is $39.51. The stock has a market capitalization of $330.72 billion, a PE ratio of 14.63, a PEG ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company posted $0.90 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. As a group, research analysts forecast that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 35.99%.

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

Analyst Ratings Changes

A number of research firms have recently weighed in on BAC. Cfra reiterated a “sell” rating and set a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Barclays boosted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Insider Buying and Selling at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 132,863,500 shares of company stock valued at $5,363,830,468. Corporate insiders own 0.29% of the company’s stock.

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.