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

Plancorp LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 1.3% during the second quarter, according to its most recent filing with the SEC. 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 quarter.

Several other institutional investors have also recently made changes to their positions in the company. Sargent Investment Group LLC boosted its position in shares of Bank of America by 27.6% during the second quarter. Sargent Investment Group LLC now owns 52,308 shares of the financial services provider’s stock valued at $2,080,000 after purchasing an additional 11,325 shares in the last quarter. Old West Investment Management LLC boosted its holdings in shares of Bank of America by 233.9% during the 2nd quarter. Old West Investment Management LLC now owns 71,534 shares of the financial services provider’s stock valued at $2,845,000 after buying an additional 50,108 shares in the last quarter. Edgestream Partners L.P. bought a new stake in shares of Bank of America during the 2nd quarter valued at $257,000. Lmcg Investments LLC increased its stake in shares of Bank of America by 3.2% in the 2nd quarter. Lmcg Investments LLC now owns 282,037 shares of the financial services provider’s stock worth $11,217,000 after acquiring an additional 8,731 shares in the last quarter. Finally, Luts & Greenleigh Group Inc. purchased a new position in Bank of America during the 2nd quarter valued at about $227,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $39.10 on Tuesday. 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 capitalization of $305.78 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. The firm’s 50 day moving average price is $40.11 and its 200-day moving average price is $38.77. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44.

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

Bank of America declared that its board has authorized a stock 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 repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed 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. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s payout ratio is presently 35.99%.

Insider Activity at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s 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 sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,391,986 shares of company stock worth $4,719,796,383. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BAC shares. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Evercore ISI lifted their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Barclays boosted their target price on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Morgan Stanley lifted their price target on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 price objective (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $42.22.

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.