5,723,510 Shares in Vistance Networks, Inc. $VISN Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 5.72 million shares of Vistance Networks during the second quarter, worth approximately $73.1 million and representing about 2.48% of the company.
• Institutional interest increased broadly, with BlackRock purchasing a stake valued at roughly $319.7 million; hedge funds and other institutions now own 88.04% of the stock.
• VISN shares opened at $6.57, well below their 12-month high of $20.55. Analysts maintain a consensus “Hold” rating with an average price target of $19.33, while the company recently paid a $5.00-per-share dividend.

Bank of America Corp DE purchased a new stake in shares of Vistance Networks, Inc. (NASDAQ:VISN - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 5,723,510 shares of the business services provider's stock, valued at approximately $73,146,000. Bank of America Corp DE owned about 2.48% of Vistance Networks at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Algert Global LLC raised its position in Vistance Networks by 531.5% in the 2nd quarter. Algert Global LLC now owns 574,865 shares of the business services provider's stock worth $7,347,000 after purchasing an additional 483,840 shares during the period. Legal & General Group Plc bought a new stake in Vistance Networks in the second quarter worth $2,610,000. Bank of New York Mellon Corp purchased a new stake in Vistance Networks during the second quarter valued at about $10,674,000. BlackRock Inc. purchased a new stake in Vistance Networks during the second quarter valued at about $319,679,000. Finally, Galaxy Digital Inc. bought a new position in shares of Vistance Networks during the second quarter valued at about $1,917,000. 88.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Vistance Networks

In related news, Director L. William Krause sold 176,136 shares of Vistance Networks stock in a transaction on Friday, August 28th. The shares were sold at an average price of $6.75, for a total value of $1,188,918.00. Following the sale, the director owned 98,371 shares in the company, valued at $664,004.25. The trade was a 64.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Charles A. Gilstrap acquired 10,000 shares of Vistance Networks stock in a transaction on Monday, August 10th. The shares were bought at an average cost of $10.75 per share, for a total transaction of $107,500.00. Following the completion of the transaction, the chief accounting officer owned 302,417 shares in the company, valued at approximately $3,250,982.75. This trade represents a 3.42% increase in their position. The disclosure for this purchase is available in the SEC filing. 3.50% of the stock is currently owned by insiders.

Vistance Networks Stock Up 1.9%

Shares of Vistance Networks stock opened at $6.57 on Friday. The firm has a market cap of $1.52 billion, a PE ratio of 0.21 and a beta of 2.39. Vistance Networks, Inc. has a 12-month low of $6.00 and a 12-month high of $20.55. The company's fifty day simple moving average is $9.98 and its two-hundred day simple moving average is $13.17.

Vistance Networks Dividend Announcement

The firm also recently announced a dividend, which was paid on Thursday, August 27th. Stockholders of record on Monday, August 17th were paid a dividend of $5.00 per share. The ex-dividend date of this dividend was Friday, August 28th.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on VISN shares. Wall Street Zen raised Vistance Networks from a "sell" rating to a "hold" rating in a research note on Sunday, August 30th. Zacks Research lowered Vistance Networks from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings cut Vistance Networks from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, August 17th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $19.33.

Vistance Networks Company Profile

CommScope Holding Company, Inc provides infrastructure solutions for communications and entertainment networks. It operates through four segments: Broadband Networks (Broadband), Outdoor Wireless Networks (OWN), Venue and Campus Networks (VCN), and Home Networks (Home). The Broadband segment provides converged cable access platforms, passive optical networking products, video systems, access technologies, fiber and coaxial cables, fiber and copper connectivity products, and hardened closures to the telco and cable provider broadband market.

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