Intellectus Partners LLC Grows Holdings in Bank of America Co. (NYSE:BAC)

Intellectus Partners LLC increased its position in Bank of America Co. (NYSE:BAC) by 16.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 51,401 shares of the financial services provider’s stock after purchasing an additional 7,182 shares during the period. Intellectus Partners LLC’s holdings in Bank of America were worth $2,040,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in BAC. Quent Capital LLC increased its position in Bank of America by 3.6% in the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after acquiring an additional 1,037 shares during the period. Orion Portfolio Solutions LLC increased its holdings in shares of Bank of America by 1.1% in the first quarter. Orion Portfolio Solutions LLC now owns 187,026 shares of the financial services provider’s stock valued at $7,092,000 after buying an additional 1,998 shares in the last quarter. Motco lifted its position in shares of Bank of America by 159.4% during the 1st quarter. Motco now owns 8,865 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 5,447 shares during the last quarter. M&G Plc bought a new stake in shares of Bank of America during the 1st quarter worth $14,420,000. Finally, Councilmark Asset Management LLC acquired a new position in shares of Bank of America in the 1st quarter worth $771,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. Oppenheimer increased their price target on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Barclays lifted their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research report on Friday, October 18th. Finally, Keefe, Bruyette & Woods increased their target price on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $43.69.

Bank of America Stock Performance

Shares of BAC opened at $45.91 on Friday. The firm has a market cap of $352.26 billion, a price-to-earnings ratio of 16.69, a price-to-earnings-growth ratio of 1.55 and a beta of 1.32. The company’s fifty day moving average is $41.22 and its 200-day moving average is $40.22. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $29.20 and a 12 month high of $46.52.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The business’s quarterly revenue was up .4% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.27%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

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

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the transaction, the insider now owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. The trade was a 0.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,883,988 shares of company stock valued at $4,344,741,752 over the last 90 days. 0.29% of the stock is currently owned by company insiders.

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.