Integrated Investment Consultants LLC Has $1.41 Million Position in Bank of America Co. (NYSE:BAC)

Integrated Investment Consultants LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 26.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 35,397 shares of the financial services provider’s stock after buying an additional 7,456 shares during the quarter. Integrated Investment Consultants LLC’s holdings in Bank of America were worth $1,405,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. AMF Tjanstepension AB lifted its stake in Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after purchasing an additional 8,447,091 shares during the period. Swedbank AB bought a new position in shares of Bank of America during the 1st quarter worth approximately $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 valued at $244,627,000 after buying an additional 5,749,567 shares in the last quarter. International Assets Investment Management LLC raised its stake in Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after acquiring an additional 4,423,215 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Bank of America during the second quarter valued at $127,252,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on BAC shares. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Wells Fargo & Company raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. 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 upped their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.06 on Thursday. 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 market cap of $353.41 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 1.57 and a beta of 1.32. Bank of America Co. has a one year low of $29.32 and a one year high of $47.02. 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 (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the business posted $0.90 EPS. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. Research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Bank of America announced that its board has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $39.79, for a total transaction of $268,752,482.88. Following the transaction, the insider now owns 921,706,667 shares of the company’s stock, valued at approximately $36,674,708,279.93. The trade was a 0.73 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 102,848,970 shares of company stock worth $4,145,103,288. 0.29% of the stock is currently owned by company insiders.

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.