Intrua Financial LLC Acquires 552 Shares of Bank of America Corporation $BAC

Intrua Financial LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 12,140 shares of the financial services provider’s stock after purchasing an additional 552 shares during the period. Intrua Financial LLC’s holdings in Bank of America were worth $507,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Deutsche Bank AG grew its holdings in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. Theleme Partners LLP bought a new position in Bank of America during the fourth quarter worth about $263,449,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Bank of America by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider’s stock worth $1,981,816,000 after purchasing an additional 5,092,504 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Bank of America during the fourth quarter worth about $217,979,000. Finally, GAMMA Investing LLC lifted its position in Bank of America by 4,414.4% during the first quarter. GAMMA Investing LLC now owns 4,654,022 shares of the financial services provider’s stock worth $194,212,000 after acquiring an additional 4,550,930 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America 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 transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BAC. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Robert W. Baird restated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Finally, HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and raised their price objective for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.39.

Bank of America Stock Up 1.2%

NYSE BAC opened at $50.74 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $50.96. The company has a 50 day moving average of $48.10 and a 200-day moving average of $44.23. The company has a market cap of $375.83 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 1.95 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share 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 company 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 business earned $0.83 earnings per share. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

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.