Intact Investment Management Inc. Reduces Stake in Bank of America Corp (BAC)

Intact Investment Management Inc. decreased its holdings in shares of Bank of America Corp (NYSE:BAC) by 13.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 29,500 shares of the financial services provider’s stock after selling 4,600 shares during the quarter. Intact Investment Management Inc.’s holdings in Bank of America were worth $869,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BAC. Cardinal Capital Management Inc. purchased a new stake in shares of Bank of America in the third quarter valued at about $106,000. CSat Investment Advisory L.P. purchased a new stake in shares of Bank of America in the second quarter valued at about $103,000. Quad Cities Investment Group LLC purchased a new stake in shares of Bank of America in the second quarter valued at about $112,000. Arlington Partners LLC purchased a new stake in shares of Bank of America in the third quarter valued at about $118,000. Finally, Whitnell & Co. purchased a new stake in shares of Bank of America in the second quarter valued at about $134,000. 65.12% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts recently issued reports on the stock. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. BMO Capital Markets upped their target price on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research report on Tuesday, October 16th. Finally, Wolfe Research initiated coverage on shares of Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $34.19.

In other news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the sale, the insider now owns 483,680 shares of the company’s stock, valued at $15,289,124.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.10% of the company’s stock.

NYSE BAC opened at $27.50 on Thursday. Bank of America Corp has a 12 month low of $25.81 and a 12 month high of $33.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $274.33 billion, a price-to-earnings ratio of 15.03, a P/E/G ratio of 1.31 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The company had revenue of $22.78 billion for the quarter, compared to analysts’ expectations of $22.63 billion. During the same quarter in the prior year, the company posted $0.48 earnings per share. Bank of America’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, analysts predict that Bank of America Corp will post 2.55 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be given a $0.15 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.18%. Bank of America’s payout ratio is currently 32.79%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Further Reading: Stock Symbols and CUSIP Explained

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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