CIBC Asset Management Inc Boosts Stake in Bank of America Co. (NYSE:BAC)

CIBC Asset Management Inc boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 5.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,206,890 shares of the financial services provider’s stock after buying an additional 57,020 shares during the quarter. CIBC Asset Management Inc’s holdings in Bank of America were worth $47,888,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of BAC. McAdam LLC grew its stake in shares of Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after acquiring an additional 238 shares during the period. Integrity Financial Corp WA boosted its position in shares of Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares during the period. BTC Capital Management Inc. increased its stake in shares of Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after purchasing an additional 248 shares in the last quarter. Central Bank & Trust Co. raised its position in shares of Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 248 shares during the period. Finally, SNS Financial Group LLC lifted its stake in shares of Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after buying an additional 248 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $39.79, for a total transaction of $268,752,482.88. Following the transaction, the insider now directly owns 921,706,667 shares in the company, valued at $36,674,708,279.93. This trade represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,883,988 shares of company stock worth $4,344,741,752 in the last 90 days. 0.29% of the stock is owned by corporate insiders.

Bank of America Stock Up 0.1 %

Shares of NYSE:BAC opened at $45.91 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business has a 50 day simple moving average of $41.22 and a two-hundred day simple moving average of $40.22. Bank of America Co. has a 1 year low of $29.20 and a 1 year high of $46.52. The firm has a market capitalization of $352.26 billion, a PE ratio of 16.69, a price-to-earnings-growth ratio of 1.55 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the prior year, the company posted $0.90 EPS. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Analyst Ratings Changes

A number of brokerages have issued reports on BAC. BMO Capital Markets increased their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. Oppenheimer upped their price target on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.26.

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.