Bank of America Corporation $BAC Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 242,270 shares of the financial services provider’s stock after selling 1,246 shares during the period. Intech Investment Management LLC’s holdings in Bank of America were worth $11,464,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Brighton Jones LLC raised its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. AMG National Trust Bank boosted its stake in Bank of America by 3.3% in the 1st quarter. AMG National Trust Bank now owns 44,564 shares of the financial services provider’s stock worth $1,860,000 after purchasing an additional 1,412 shares during the period. St. Louis Trust Co purchased a new position in Bank of America during the 1st quarter worth approximately $239,000. Fountainhead AM LLC grew its position in Bank of America by 21.2% during the 1st quarter. Fountainhead AM LLC now owns 14,126 shares of the financial services provider’s stock worth $589,000 after purchasing an additional 2,475 shares in the last quarter. Finally, Copperwynd Financial LLC raised its stake in Bank of America by 2.7% during the 1st quarter. Copperwynd Financial LLC now owns 20,429 shares of the financial services provider’s stock valued at $852,000 after purchasing an additional 534 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $52.57 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $54.69. The stock’s 50-day moving average is $51.63 and its two-hundred day moving average is $48.05. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market cap of $383.88 billion, a P/E ratio of 14.32, a PEG ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter in the previous year, the business posted $0.81 EPS. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BAC. Robert W. Baird raised their target price on Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Deutsche Bank Aktiengesellschaft upped their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Finally, Argus increased their price target on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

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.