Kintegral Advisory LLC Sells 217 Shares of Bank of America Corporation $BAC

Kintegral Advisory LLC lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 144,996 shares of the financial services provider’s stock after selling 217 shares during the quarter. Kintegral Advisory LLC’s holdings in Bank of America were worth $6,861,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Wealth Architects LLC grew its position in Bank of America by 1.1% during the second quarter. Wealth Architects LLC now owns 29,502 shares of the financial services provider’s stock valued at $1,396,000 after buying an additional 334 shares during the period. Concord Asset Management LLC VA grew its position in Bank of America by 22.1% during the second quarter. Concord Asset Management LLC VA now owns 32,915 shares of the financial services provider’s stock valued at $1,558,000 after buying an additional 5,962 shares during the period. Total Clarity Wealth Management Inc. bought a new position in Bank of America during the second quarter valued at about $211,000. Pzena Investment Management LLC lifted its holdings in Bank of America by 3.5% during the second quarter. Pzena Investment Management LLC now owns 6,576,743 shares of the financial services provider’s stock valued at $311,211,000 after purchasing an additional 223,798 shares during the last quarter. Finally, Lion Street Advisors LLC lifted its holdings in Bank of America by 2.0% during the second quarter. Lion Street Advisors LLC now owns 17,691 shares of the financial services provider’s stock valued at $837,000 after purchasing an additional 343 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.

Bank of America Stock Down 2.4%

BAC stock opened at $48.62 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company’s 50 day moving average is $49.61 and its 200 day moving average is $45.54. The stock has a market cap of $360.12 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.89 and a beta of 1.33. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.83 earnings per share. Sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. TD Cowen upped their price objective on shares of Bank of America from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Royal Bank Of Canada upped their price objective on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Evercore ISI upped their price objective on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a report on Wednesday, October 8th. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $54.64.

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.