Intact Investment Management Inc. Purchases 14,800 Shares of Bank of America Co. (NYSE:BAC)

Intact Investment Management Inc. lifted its holdings in Bank of America Co. (NYSE:BAC) by 8.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 197,500 shares of the financial services provider’s stock after buying an additional 14,800 shares during the period. Intact Investment Management Inc.’s holdings in Bank of America were worth $7,837,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Quent Capital LLC increased its stake in shares of Bank of America by 3.6% in the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after acquiring an additional 1,037 shares in the last quarter. Mutual Advisors LLC increased its stake in Bank of America by 11.4% in the first quarter. Mutual Advisors LLC now owns 93,357 shares of the financial services provider’s stock valued at $3,540,000 after purchasing an additional 9,548 shares in the last quarter. Proficio Capital Partners LLC increased its stake in Bank of America by 10.8% in the first quarter. Proficio Capital Partners LLC now owns 15,750 shares of the financial services provider’s stock valued at $597,000 after purchasing an additional 1,533 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of Bank of America by 1.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,089,877 shares of the financial services provider’s stock worth $41,328,000 after purchasing an additional 16,118 shares in the last quarter. Finally, Easterly Investment Partners LLC grew its stake in shares of Bank of America by 69.3% in the 1st quarter. Easterly Investment Partners LLC now owns 604,514 shares of the financial services provider’s stock valued at $22,923,000 after buying an additional 247,400 shares during the period. 70.71% of the stock is owned by institutional investors.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the sale, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the sale, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,067,817 shares of company stock worth $4,548,518,070. Insiders own 0.29% of the company’s stock.

Bank of America Stock Down 0.2 %

BAC stock opened at $41.68 on Monday. The stock has a market cap of $319.81 billion, a P/E ratio of 15.19, a P/E/G ratio of 1.42 and a beta of 1.32. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock’s fifty day simple moving average is $40.54 and its two-hundred day simple moving average is $39.85. Bank of America Co. has a 1-year low of $27.34 and a 1-year high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the previous year, the firm earned $0.90 EPS. The firm’s quarterly revenue was up .4% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is 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 issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.50%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analysts Set New Price Targets

Several brokerages have issued reports on BAC. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Cfra reiterated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

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.