Callan Capital LLC Raises Position in Bank of America Co. (NYSE:BAC)

Callan Capital LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 8.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,871 shares of the financial services provider’s stock after acquiring an additional 2,019 shares during the quarter. Callan Capital LLC’s holdings in Bank of America were worth $1,069,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BAC. Delos Wealth Advisors LLC raised its holdings in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the period. Fairway Wealth LLC bought a new stake in Bank of America during the 2nd quarter valued at approximately $27,000. Livelsberger Financial Advisory purchased a new position in Bank of America in the 4th quarter worth approximately $28,000. POM Investment Strategies LLC lifted its holdings in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC bought a new position in Bank of America in the 2nd quarter worth approximately $30,000. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The disclosure for this sale can be found here. Insiders have sold a total of 129,780,724 shares of company stock worth $5,342,589,705 in the last three months. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. BMO Capital Markets boosted their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 price target (up from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Finally, Cfra restated a “sell” rating and set a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Price Performance

BAC opened at $40.87 on Friday. 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 business has a fifty day moving average of $40.01 and a 200 day moving average of $38.82. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The stock has a market cap of $319.62 billion, a P/E ratio of 14.14, a PEG ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm 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%. During the same period in the prior year, the business posted $0.88 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America announced that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Friday, September 6th. Bank of America’s payout ratio is presently 35.99%.

About Bank of America

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.