Bank of America Co. (NYSE:BAC) Shares Bought by Integrated Investment Consultants LLC

Integrated Investment Consultants LLC raised its stake in Bank of America Co. (NYSE:BAC) by 26.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 35,397 shares of the financial services provider’s stock after purchasing an additional 7,456 shares during the period. Integrated Investment Consultants LLC’s holdings in Bank of America were worth $1,405,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of BAC. Quent Capital LLC boosted its holdings in Bank of America by 3.6% in the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after purchasing an additional 1,037 shares during the period. Capital International Inc. CA grew its position in shares of Bank of America by 9.2% during the 1st quarter. Capital International Inc. CA now owns 279,301 shares of the financial services provider’s stock valued at $10,591,000 after buying an additional 23,451 shares during the last quarter. Stonebridge Capital Advisors LLC raised its stake in Bank of America by 8.0% during the first quarter. Stonebridge Capital Advisors LLC now owns 72,147 shares of the financial services provider’s stock worth $2,736,000 after acquiring an additional 5,320 shares during the period. Huber Capital Management LLC lifted its holdings in Bank of America by 38.5% in the first quarter. Huber Capital Management LLC now owns 251,916 shares of the financial services provider’s stock worth $9,553,000 after acquiring an additional 70,000 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Bank of America during the 1st quarter worth approximately $602,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.8 %

Shares of NYSE:BAC opened at $46.06 on Thursday. The company has a market cap of $353.41 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 1.57 and a beta of 1.32. The firm has a 50 day simple moving average of $41.92 and a 200 day simple moving average of $40.55. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.02.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the firm earned $0.90 earnings per share. The firm’s revenue was up .4% compared to the same quarter last year. As a group, research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.26%. Bank of America’s payout ratio is 37.82%.

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

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. Morgan Stanley upped their price objective on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI upped their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Barclays upped their price target 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Insider Activity

In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on 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 directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the transaction, the insider now directly owns 910,731,659 shares of the company’s stock, valued at approximately $36,310,871,244.33. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 102,848,970 shares of company stock worth $4,145,103,288 in the last three months. 0.29% of the stock is owned by insiders.

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.