Syntegra Private Wealth Group LLC Has $240,000 Stake in Bank of America Corporation (NYSE:BAC)

Syntegra Private Wealth Group LLC lifted its stake in Bank of America Corporation (NYSE:BAC) by 9.8% in the first quarter, Holdings Channel.com reports. The firm owned 5,743 shares of the financial services provider’s stock after acquiring an additional 514 shares during the quarter. Syntegra Private Wealth Group LLC’s holdings in Bank of America were worth $240,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Capital World Investors boosted its stake in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. Deutsche Bank AG boosted its position in Bank of America by 39.6% during the fourth quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider’s stock valued at $1,457,031,000 after purchasing an additional 9,409,076 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Bank of America by 31.1% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider’s stock valued at $1,716,318,000 after purchasing an additional 9,258,040 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE:BAC opened at $45.83 on Tuesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $49.31. The company has a fifty day moving average price of $46.32 and a 200 day moving average price of $43.76. The stock has a market cap of $339.46 billion, a P/E ratio of 13.40, a PEG ratio of 1.78 and a beta of 1.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the previous year, the firm posted $0.83 EPS. The business’s revenue was up 4.3% compared to the same quarter last year. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.4%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is 30.41%.

Insider Buying and Selling

In other Bank of America 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 sale, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on BAC shares. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. TD Cowen began coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective for the company. The Goldman Sachs Group raised their target price on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Finally, Morgan Stanley boosted their price target on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $50.13.

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.