Integrated Investment Consultants LLC Has $1.64 Million Position in Bank of America Corporation (NYSE:BAC)

Integrated Investment Consultants LLC reduced its holdings in Bank of America Corporation (NYSE:BAC) by 43.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,317 shares of the financial services provider’s stock after selling 30,145 shares during the period. Integrated Investment Consultants LLC’s holdings in Bank of America were worth $1,641,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Brighton Jones LLC boosted its position 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 worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its position in shares of Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock worth $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Bank of America during the fourth quarter worth $243,000. Fox Run Management L.L.C. bought a new position in shares of Bank of America during the fourth quarter worth $219,000. Finally, Artisan Partners Limited Partnership boosted its position in shares of Bank of America by 4.4% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,477,372 shares of the financial services provider’s stock worth $108,880,000 after purchasing an additional 104,353 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.2%

Bank of America stock opened at $48.47 on Friday. The firm has a 50-day moving average of $45.91 and a 200-day moving average of $43.75. Bank of America Corporation has a one year low of $33.06 and a one year high of $49.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a market cap of $365.09 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 1.88 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the prior year, the business posted $0.83 EPS. The company’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. This is a boost 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 is presently 30.41%.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on BAC shares. The Goldman Sachs Group lifted their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating on the stock. Cfra Research lifted their price target on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. TD Cowen assumed coverage on shares of Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective on the stock. Finally, Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the company an “outperform” rating in a research report on Monday, June 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.03.

About Bank of America

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.