AMI Investment Management Inc. Has $3.89 Million Stake in Bank of America Corporation $BAC

AMI Investment Management Inc. trimmed its stake in Bank of America Corporation (NYSE:BAC) by 1.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 82,165 shares of the financial services provider’s stock after selling 1,327 shares during the period. AMI Investment Management Inc.’s holdings in Bank of America were worth $3,888,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Deutsche Bank AG grew its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Unisphere Establishment grew its holdings in Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after acquiring an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in Bank of America during the 2nd quarter worth about $164,623,000. Maverick Capital Ltd. acquired a new stake in Bank of America during the 1st quarter worth about $152,098,000. Finally, AMF Tjanstepension AB grew its holdings in Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after acquiring an additional 3,438,876 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $49.82 on Thursday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The stock has a market cap of $369.01 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.95 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm’s 50-day simple moving average is $49.50 and its 200 day simple moving average is $45.42.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter last year, the firm earned $0.83 EPS. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is 32.75%.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a report on Wednesday. Oppenheimer decreased their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday, September 23rd. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Finally, Wells Fargo & Company increased their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.11.

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.