Maltese Capital Management LLC decreased its stake in Bank of America Corp (NYSE:BAC) by 40.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 618,300 shares of the financial services provider’s stock after selling 423,800 shares during the period. Bank of America accounts for about 1.2% of Maltese Capital Management LLC’s holdings, making the stock its 16th biggest holding. Maltese Capital Management LLC’s holdings in Bank of America were worth $17,430,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Associated Banc Corp increased its stake in shares of Bank of America by 9.2% in the second quarter. Associated Banc Corp now owns 328,171 shares of the financial services provider’s stock valued at $9,252,000 after buying an additional 27,611 shares during the period. Guardian Investment Management increased its stake in shares of Bank of America by 4.1% in the second quarter. Guardian Investment Management now owns 140,040 shares of the financial services provider’s stock valued at $3,967,000 after buying an additional 5,493 shares during the period. Sigma Planning Corp increased its stake in shares of Bank of America by 1.6% in the second quarter. Sigma Planning Corp now owns 198,494 shares of the financial services provider’s stock valued at $5,596,000 after buying an additional 3,135 shares during the period. Wealthfront Inc. increased its stake in shares of Bank of America by 5.3% in the first quarter. Wealthfront Inc. now owns 503,392 shares of the financial services provider’s stock valued at $15,097,000 after buying an additional 25,141 shares during the period. Finally, Nwam LLC increased its stake in shares of Bank of America by 12.3% in the second quarter. Nwam LLC now owns 71,380 shares of the financial services provider’s stock valued at $2,012,000 after buying an additional 7,836 shares during the period. 65.10% of the stock is owned by institutional investors.
In other news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the completion of 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 legal filing with the SEC, which is available at this link. Corporate insiders own 0.10% of the company’s stock.
Shares of BAC stock opened at $31.14 on Wednesday. The stock has a market capitalization of $316.84 billion, a PE ratio of 17.02, a P/E/G ratio of 1.53 and a beta of 1.27. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.94. Bank of America Corp has a 1-year low of $22.75 and a 1-year high of $33.05.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.06. The company had revenue of $22.60 billion during the quarter, compared to analysts’ expectations of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The business’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.46 earnings per share. research analysts predict that Bank of America Corp will post 2.52 earnings per share for the current year.
Bank of America announced that its board has approved a stock repurchase program on Thursday, June 28th that allows the company to buyback $20.60 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business 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 is a boost from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, September 6th. This represents a $0.60 annualized dividend and a dividend yield of 1.93%. Bank of America’s dividend payout ratio is presently 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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