Koss Olinger Consulting LLC Has $665,000 Stock Holdings in Bank of America Corporation $BAC

Koss Olinger Consulting LLC decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 2.0% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 14,058 shares of the financial services provider’s stock after selling 285 shares during the period. Koss Olinger Consulting LLC’s holdings in Bank of America were worth $665,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Brighton Jones LLC boosted its position in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. Golden State Wealth Management LLC boosted its position in Bank of America by 7.8% in the first quarter. Golden State Wealth Management LLC now owns 24,276 shares of the financial services provider’s stock valued at $1,013,000 after buying an additional 1,765 shares in the last quarter. Sovran Advisors LLC boosted its position in Bank of America by 37.4% in the first quarter. Sovran Advisors LLC now owns 8,153 shares of the financial services provider’s stock valued at $340,000 after buying an additional 2,218 shares in the last quarter. Hills Bank & Trust Co boosted its position in Bank of America by 7.3% in the first quarter. Hills Bank & Trust Co now owns 8,131 shares of the financial services provider’s stock valued at $339,000 after buying an additional 550 shares in the last quarter. Finally, Shilanski & Associates Inc. boosted its position in Bank of America by 6.9% in the first quarter. Shilanski & Associates Inc. now owns 119,999 shares of the financial services provider’s stock valued at $5,008,000 after buying an additional 7,772 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction 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 owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on BAC. Oppenheimer raised their target price on shares of Bank of America from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. HSBC lifted their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a report on Friday, October 10th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $58.00 price target (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.32.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.98 on Tuesday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $53.07. The firm has a fifty day simple moving average of $50.68 and a 200 day simple moving average of $46.56. The company has a market capitalization of $392.43 billion, a PE ratio of 14.44, a P/E/G ratio of 1.99 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

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

Bank of America declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

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.