International Assets Investment Management LLC Grows Position in Bank of America Corporation $BAC

International Assets Investment Management LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 6.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 253,322 shares of the financial services provider’s stock after buying an additional 14,849 shares during the period. Bank of America comprises about 0.6% of International Assets Investment Management LLC’s portfolio, making the stock its 24th biggest position. International Assets Investment Management LLC’s holdings in Bank of America were worth $11,987,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Nova Wealth Management Inc. increased its stake in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the period. RMG Wealth Management LLC purchased a new position in Bank of America in the second quarter valued at approximately $28,000. CGC Financial Services LLC increased its stake in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the last quarter. Acima Private Wealth LLC purchased a new position in Bank of America in the second quarter valued at approximately $33,000. Finally, Cloud Capital Management LLC purchased a new position in Bank of America in the first quarter valued at approximately $40,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly 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 document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Shares of NYSE BAC opened at $51.28 on Friday. 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 stock has a fifty day moving average price of $50.11 and a 200 day moving average price of $45.82. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a market cap of $379.83 billion, a PE ratio of 13.97, a P/E/G ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping 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 firm had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the company earned $0.81 earnings per share. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has approved a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were issued a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s dividend payout ratio is 30.52%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Argus increased their price target on shares of Bank of America from $53.00 to $58.00 in a research note on Friday. Morgan Stanley increased their price target on shares of Bank of America from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday. Wolfe Research raised their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Finally, Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.29.

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.