Bank of America Corporation $BAC Shares Bought by International Assets Investment Management LLC

International Assets Investment Management LLC raised its holdings in Bank of America Corporation (NYSE:BAC) by 6.2% in the second quarter, Holdings Channel.com reports. The fund owned 253,322 shares of the financial services provider’s stock after buying an additional 14,849 shares during the quarter. Bank of America makes up 0.6% of International Assets Investment Management LLC’s investment portfolio, making the stock its 24th largest position. International Assets Investment Management LLC’s holdings in Bank of America were worth $11,987,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BAC. Boston Common Asset Management LLC raised its stake in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after buying an additional 24,740 shares during the last quarter. Nicholas Hoffman & Company LLC. raised its stake in shares of Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after buying an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC raised its stake in shares of Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after buying an additional 439 shares during the last quarter. CCG Wealth Management LLC acquired a new position in shares of Bank of America during the 2nd quarter worth $287,000. Finally, Community Financial Services Group LLC raised its stake in shares of Bank of America by 3.5% during the 2nd quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock worth $8,000,000 after buying an additional 5,787 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 1.7%

BAC opened at $51.28 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $379.83 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The business has a 50-day moving average of $50.11 and a two-hundred day moving average of $45.82. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 EPS. On average, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Phillip Securities downgraded shares of Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, July 25th. HSBC boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Finally, Wolfe Research boosted their target price on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.29.

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.