Plancorp LLC Buys 1,270 Shares of Bank of America Co. (NYSE:BAC)

Plancorp LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 1.3% in the 2nd quarter, Holdings Channel reports. The firm owned 98,343 shares of the financial services provider’s stock after acquiring an additional 1,270 shares during the period. Plancorp LLC’s holdings in Bank of America were worth $3,911,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. McAdam LLC lifted its holdings in Bank of America by 2.1% in the second 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 last quarter. BTC Capital Management Inc. increased its position in shares of Bank of America by 1.2% during the 2nd 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 during the last quarter. Central Bank & Trust Co. raised its holdings in Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after buying an additional 248 shares during the period. SNS Financial Group LLC lifted its position in Bank of America by 3.3% in the second 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 during the last quarter. Finally, Verdence Capital Advisors LLC boosted its stake in Bank of America by 0.3% during the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after buying an additional 251 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the transaction, the insider now owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of the sale, the insider now owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. In the last three months, insiders sold 114,391,986 shares of company stock valued at $4,719,796,383. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $39.10 on Tuesday. The business has a 50 day moving average price of $40.11 and a 200 day moving average price of $38.77. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market cap of $305.78 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.40 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the prior year, the business posted $0.88 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America declared that its board has initiated a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.66%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is 35.99%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 price objective (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Royal Bank of Canada raised their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Cfra reiterated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Barclays raised their price objective on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, Evercore ISI upped their target price on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $42.22.

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.