CIBC Asset Management Inc Grows Position in Bank of America Co. (NYSE:BAC)

CIBC Asset Management Inc raised its holdings in Bank of America Co. (NYSE:BAC) by 5.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,206,890 shares of the financial services provider’s stock after purchasing an additional 57,020 shares during the period. CIBC Asset Management Inc’s holdings in Bank of America were worth $47,888,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of BAC. Vanguard Group Inc. lifted its holdings in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after purchasing an additional 36,124,363 shares in the last quarter. Legal & General Group Plc increased its position in shares of Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after buying an additional 895,884 shares during the period. Capital World Investors lifted its holdings in shares of Bank of America by 0.4% in the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after buying an additional 165,070 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its position in shares of Bank of America by 0.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after acquiring an additional 59,853 shares during the period. Finally, Clearbridge Investments LLC grew its stake in Bank of America by 23.6% during the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after acquiring an additional 3,109,197 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the transaction, the insider now owns 835,908,435 shares in the company, valued at $34,088,345,979.30. The trade was a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated 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 directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,883,988 shares of company stock worth $4,344,741,752. 0.29% of the stock is owned by corporate insiders.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.91 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a 50 day simple moving average of $41.22 and a two-hundred day simple moving average of $40.22. Bank of America Co. has a fifty-two week low of $29.20 and a fifty-two week high of $46.52. The company has a market capitalization of $352.26 billion, a price-to-earnings ratio of 16.69, a P/E/G ratio of 1.55 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the business earned $0.90 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a stock buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. Barclays lifted their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. Wells Fargo & Company upped their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $44.26.

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.