Adell Harriman & Carpenter Inc. trimmed its position in shares of Bank of America Corp (NYSE:BAC) by 11.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 13,028 shares of the financial services provider’s stock after selling 1,737 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Bank of America were worth $367,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its holdings in Bank of America by 1.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 44,255,820 shares of the financial services provider’s stock valued at $1,327,233,000 after buying an additional 452,837 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Bank of America by 0.7% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 34,514,599 shares of the financial services provider’s stock valued at $1,035,093,000 after buying an additional 247,700 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Bank of America by 7.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 31,597,712 shares of the financial services provider’s stock valued at $890,740,000 after buying an additional 2,057,669 shares in the last quarter. LSV Asset Management grew its holdings in Bank of America by 0.7% in the 1st quarter. LSV Asset Management now owns 29,892,545 shares of the financial services provider’s stock valued at $896,477,000 after buying an additional 221,600 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Bank of America by 5.8% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 26,618,462 shares of the financial services provider’s stock valued at $750,376,000 after buying an additional 1,460,474 shares in the last quarter. Hedge funds and other institutional investors own 66.60% of the company’s stock.
In other news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the transaction, the insider now owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.10% of the company’s stock.
Separately, Citigroup upped their target price on Bank of America from $32.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, April 24th. Nine analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Bank of America presently has an average rating of “Buy” and an average target price of $32.37.
Shares of Bank of America stock opened at $31.02 on Wednesday. Bank of America Corp has a 52 week low of $22.75 and a 52 week high of $33.05. The firm has a market capitalization of $314.89 billion, a PE ratio of 17.02, a price-to-earnings-growth ratio of 1.52 and a beta of 1.29. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.06. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The business had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. During the same quarter in the prior year, the company posted $0.46 EPS. The company’s quarterly revenue was down .9% on a year-over-year basis. equities analysts forecast 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 approved a stock buyback plan on Thursday, June 28th that allows the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.93%. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio is 26.23%.
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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