Integrity Alliance LLC. Buys Shares of 15,176 Bank of America Corporation $BAC

Key Points

• Integrity Alliance LLC has purchased 15,176 shares of Bank of America Corporation valued at approximately $633,000 in the first quarter.
• Multiple hedge funds are actively adjusting their stakes in Bank of America, with significant increases from Deutsche Bank AG by 45.1% and Bank of New York Mellon Corp by 1.3% during the first quarter.
• The company's Board of Directors recently approved a $40 billion stock repurchase program and announced an increase in the quarterly dividend from $0.26 to $0.28, reflecting a 2.2% yield.

Integrity Alliance LLC. bought a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 15,176 shares of the financial services provider's stock, valued at approximately $633,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its stake in Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock valued at $2,521,218,000 after buying an additional 803,570 shares during the last quarter. Deutsche Bank AG raised its stake in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock valued at $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Bank of America by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider's stock valued at $1,981,816,000 after buying an additional 5,092,504 shares during the last quarter. Amundi grew its position in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider's stock valued at $1,637,205,000 after acquiring an additional 1,413,313 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider's stock valued at $1,333,351,000 after acquiring an additional 188,638 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the subject of a number of recent research reports. 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. The Goldman Sachs Group boosted their price objective on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Wall Street Zen raised shares of Bank of America from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Phillip Securities downgraded shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, July 25th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $50.39.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is currently owned by insiders.

Bank of America Trading Down 0.3%

Shares of Bank of America stock opened at $50.60 on Friday. The company has a market capitalization of $374.79 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.97 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The company has a fifty day moving average of $48.13 and a 200 day moving average of $44.28. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $50.96.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.83 EPS. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, September 5th. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio is presently 32.75%.

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

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.

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