Intrepid Financial Planning Group LLC Has $970,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Intrepid Financial Planning Group LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 1.6% during the second quarter, Holdings Channel reports. The firm owned 24,397 shares of the financial services provider’s stock after buying an additional 374 shares during the period. Intrepid Financial Planning Group LLC’s holdings in Bank of America were worth $970,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Middleton & Co. Inc. MA grew its position in Bank of America by 8.8% in the second quarter. Middleton & Co. Inc. MA now owns 12,383 shares of the financial services provider’s stock valued at $492,000 after acquiring an additional 1,000 shares during the period. Miramar Capital LLC boosted its stake in shares of Bank of America by 3.4% in the 2nd quarter. Miramar Capital LLC now owns 21,214 shares of the financial services provider’s stock valued at $844,000 after purchasing an additional 700 shares in the last quarter. First Washington CORP grew its holdings in shares of Bank of America by 1.4% in the 2nd quarter. First Washington CORP now owns 160,845 shares of the financial services provider’s stock worth $6,397,000 after purchasing an additional 2,243 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Bank of America by 19.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 605,226 shares of the financial services provider’s stock worth $23,265,000 after purchasing an additional 97,515 shares in the last quarter. Finally, Tredje AP fonden lifted its holdings in Bank of America by 6.6% during the 2nd quarter. Tredje AP fonden now owns 1,665,250 shares of the financial services provider’s stock valued at $66,227,000 after purchasing an additional 102,700 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 0.2 %

Shares of NYSE BAC opened at $39.64 on Thursday. The firm has a 50 day moving average price of $40.03 and a 200 day moving average price of $38.81. 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 stock has a market cap of $309.96 billion, a P/E ratio of 13.71, a P/E/G ratio of 1.40 and a beta of 1.33. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion during 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 firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. Analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.62%. Bank of America’s dividend payout ratio is presently 35.99%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $44,958,509,063.91. 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 Bank of America 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 completion of the transaction, the insider now directly 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 90 days, insiders sold 114,391,986 shares of company stock worth $4,719,796,383. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent analyst reports. Jefferies Financial Group raised their price objective on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $48.00 price target (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Royal Bank of Canada lifted their price objective on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Cfra reaffirmed a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Bank of America has a consensus 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.