Advisors Capital Management LLC lessened its holdings in Bank of America Corp (NYSE:BAC) by 1.0% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 528,333 shares of the financial services provider’s stock after selling 5,347 shares during the period. Advisors Capital Management LLC’s holdings in Bank of America were worth $14,894,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. McKinley Carter Wealth Services Inc. purchased a new position in shares of Bank of America during the 1st quarter valued at $105,000. Quad Cities Investment Group LLC purchased a new position in Bank of America in the second quarter worth $112,000. Ballew Advisors Inc purchased a new position in Bank of America in the first quarter worth $129,000. Whitnell & Co. purchased a new position in Bank of America in the second quarter worth $134,000. Finally, Well Done LLC purchased a new position in Bank of America in the first quarter worth $136,000. Hedge funds and other institutional investors own 65.08% of the company’s stock.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the firm’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the completion of the transaction, the insider now owns 483,680 shares of the company’s stock, valued at $15,289,124.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is owned by corporate insiders.
BAC stock traded down $0.20 during trading on Friday, reaching $30.23. The company had a trading volume of 51,914,114 shares, compared to its average volume of 65,200,430. Bank of America Corp has a 52 week low of $25.12 and a 52 week high of $33.05. The company has a market cap of $301.78 billion, a P/E ratio of 16.52, a PEG ratio of 1.46 and a beta of 1.30. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.91 and a quick ratio of 0.90.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.06. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The company had revenue of $22.60 billion during the quarter, compared to the consensus estimate of $22.49 billion. During the same period in the prior year, the firm earned $0.46 earnings per share. Bank of America’s revenue was down .9% on a year-over-year basis. On average, equities research analysts expect that Bank of America Corp will post 2.52 earnings per share for the current fiscal year.
Bank of America declared that its Board of Directors has authorized a share buyback plan on Thursday, June 28th that allows the company to buyback $20.60 billion in shares. This buyback authorization allows the financial services provider to buy up to 7.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 7th were paid a $0.15 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date was Thursday, September 6th. Bank of America’s dividend payout ratio is presently 32.79%.
Separately, Wolfe Research began coverage on shares of Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $33.35.
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.
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