Callan Family Office LLC Increases Position in Bank of America Corporation $BAC

Callan Family Office LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 99.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 310,219 shares of the financial services provider’s stock after purchasing an additional 154,577 shares during the quarter. Callan Family Office LLC’s holdings in Bank of America were worth $14,680,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in BAC. Brighton Jones LLC increased its holdings in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. GAMMA Investing LLC increased its holdings in Bank of America by 8.2% during the 1st quarter. GAMMA Investing LLC now owns 111,527 shares of the financial services provider’s stock valued at $4,654,000 after acquiring an additional 8,435 shares in the last quarter. Trueblood Wealth Management LLC purchased a new position in Bank of America during the 1st quarter valued at about $214,000. Baker Ellis Asset Management LLC increased its holdings in Bank of America by 11.9% during the 1st quarter. Baker Ellis Asset Management LLC now owns 16,235 shares of the financial services provider’s stock valued at $677,000 after acquiring an additional 1,730 shares in the last quarter. Finally, Simon Quick Advisors LLC increased its holdings in Bank of America by 11.8% during the 1st quarter. Simon Quick Advisors LLC now owns 445,157 shares of the financial services provider’s stock valued at $18,576,000 after acquiring an additional 47,036 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’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 completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Daiwa Capital Markets raised their target price on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday. Evercore ISI raised their target price 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. HSBC raised their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Finally, Citigroup raised their target price on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, September 19th. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $54.11.

Bank of America Stock Performance

Shares of NYSE BAC opened at $49.71 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The company has a 50-day simple moving average of $49.55 and a 200-day simple moving average of $45.46. The company has a market cap of $368.20 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the previous year, the firm earned $0.83 earnings per share. Bank of America’s revenue was up 4.3% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

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

Bank of America Company 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.