IFM Investors Pty Ltd Has $56.56 Million Stock Position in Bank of America Co. (NYSE:BAC)

IFM Investors Pty Ltd lowered its position in Bank of America Co. (NYSE:BAC) by 0.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,425,405 shares of the financial services provider’s stock after selling 8,524 shares during the period. Bank of America accounts for 0.5% of IFM Investors Pty Ltd’s portfolio, making the stock its 27th largest holding. IFM Investors Pty Ltd’s holdings in Bank of America were worth $56,560,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Global Assets Advisory LLC bought a new stake in Bank of America in the 1st quarter valued at $1,682,000. Atlas Capital Advisors LLC lifted its holdings in shares of Bank of America by 39.5% during the first quarter. Atlas Capital Advisors LLC now owns 4,239 shares of the financial services provider’s stock worth $161,000 after buying an additional 1,200 shares in the last quarter. Brookstone Capital Management grew its position in shares of Bank of America by 9.1% during the 1st quarter. Brookstone Capital Management now owns 175,876 shares of the financial services provider’s stock worth $6,669,000 after purchasing an additional 14,627 shares in the last quarter. Wealthcare Advisory Partners LLC grew its position in Bank of America by 16.8% during the first quarter. Wealthcare Advisory Partners LLC now owns 63,812 shares of the financial services provider’s stock worth $2,420,000 after buying an additional 9,191 shares in the last quarter. Finally, Thrive Wealth Management LLC grew its position in Bank of America by 10.1% during the first quarter. Thrive Wealth Management LLC now owns 11,315 shares of the financial services provider’s stock worth $429,000 after buying an additional 1,036 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.4 %

NYSE BAC traded down $0.17 on Thursday, hitting $42.17. The stock had a trading volume of 11,319,611 shares, compared to its average volume of 38,609,402. The business’s fifty day moving average price is $40.11 and its 200 day moving average price is $39.53. 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 Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The stock has a market cap of $329.79 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.47%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 132,863,500 shares of company stock worth $5,363,830,468 in the last 90 days. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. Evercore ISI lifted their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Barclays increased their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Jefferies Financial Group increased their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, BMO Capital Markets increased their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

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.