International Assets Investment Management LLC Purchases 4,423,215 Shares of Bank of America Co. (NYSE:BAC)

International Assets Investment Management LLC grew its position in Bank of America Co. (NYSE:BAC) by 3,550.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,547,788 shares of the financial services provider’s stock after acquiring an additional 4,423,215 shares during the period. International Assets Investment Management LLC owned 0.06% of Bank of America worth $1,804,560,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after purchasing an additional 36,124,363 shares during the last quarter. AMF Tjanstepension AB grew its holdings in shares of Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after buying an additional 8,447,091 shares during the period. Swedbank AB acquired a new position in shares of Bank of America in the 1st quarter valued at $261,923,000. 1832 Asset Management L.P. boosted its stake in Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Bank of America by 290.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock worth $269,763,000 after purchasing an additional 5,293,000 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $41.70, for a total value of $313,861,763.70. Following the transaction, the insider now owns 966,911,316 shares in the company, valued at approximately $40,320,201,877.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $41.70, for a total value of $313,861,763.70. Following the transaction, the insider now owns 966,911,316 shares in the company, valued at approximately $40,320,201,877.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 132,863,500 shares of company stock worth $5,363,830,468. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Piper Sandler Companies raised 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 note on Tuesday, July 9th. Barclays upped their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Oppenheimer upped their target price on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Stock Up 0.1 %

Shares of BAC stock opened at $42.34 on Thursday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm’s 50-day moving average is $40.11 and its 200-day moving average is $39.53. The stock has a market cap of $331.11 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 1.39 and a beta of 1.33. 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 announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the business earned $0.90 EPS. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. Sell-side analysts predict that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

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

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.