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

Key Points

• Integrated Investment Consultants LLC reduced its position in Bank of America by 43.4%, now holding 39,317 shares valued at $1.64 million.
• Bank of America recently announced a quarterly dividend of $0.28, increasing from the previous $0.26, reflecting a dividend yield of 2.31%.
• The company has initiated a $40 billion share buyback plan, indicating management's belief that its shares are currently undervalued.

Integrated Investment Consultants LLC lessened its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 43.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 39,317 shares of the financial services provider's stock after selling 30,145 shares during the quarter. Integrated Investment Consultants LLC's holdings in Bank of America were worth $1,641,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC grew its position in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG grew its position in Bank of America by 35.7% in the 4th 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 during the last quarter. Virtu Financial LLC bought a new position in Bank of America in the 4th quarter worth about $243,000. Fox Run Management L.L.C. bought a new position in shares of Bank of America in the fourth quarter valued at approximately $219,000. Finally, Artisan Partners Limited Partnership lifted its stake in 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 valued at $108,880,000 after purchasing an additional 104,353 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC traded down $0.10 during trading hours on Tuesday, hitting $48.13. The company had a trading volume of 8,459,772 shares, compared to its average volume of 42,951,184. The firm has a market cap of $362.49 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.88 and a beta of 1.30. The business has a fifty day moving average of $45.98 and a 200-day moving average of $43.74. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results 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 business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the firm earned $0.83 earnings per share. Bank of America's revenue for the quarter was up 4.3% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has approved a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a $0.28 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America's dividend payout ratio (DPR) is presently 30.41%.

Wall Street Analyst Weigh In

Several brokerages recently commented on BAC. Oppenheimer reduced their price target on shares of Bank of America from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, July 17th. The Goldman Sachs Group increased 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 note on Tuesday, June 10th. TD Cowen began coverage on Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price on the stock. Truist Financial raised their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $50.03.

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.