Premia Global Advisors LLC lessened its holdings in Bank of America Corp (NYSE:BAC) by 2.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 362,445 shares of the financial services provider’s stock after selling 7,831 shares during the quarter. Bank of America accounts for 13.3% of Premia Global Advisors LLC’s investment portfolio, making the stock its biggest position. Premia Global Advisors LLC’s holdings in Bank of America were worth $10,217,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. McKinley Carter Wealth Services Inc. purchased a new position in shares of Bank of America in the first quarter valued at about $105,000. Quad Cities Investment Group LLC purchased a new position in shares of Bank of America in the second quarter valued at about $112,000. Ballew Advisors Inc purchased a new position in shares of Bank of America in the first quarter valued at about $129,000. Whitnell & Co. purchased a new position in shares of Bank of America in the second quarter valued at about $134,000. Finally, Well Done LLC purchased a new position in shares of Bank of America in the first quarter valued at about $136,000. Institutional investors own 65.10% of the company’s stock.
BAC stock opened at $31.14 on Wednesday. The stock has a market capitalization of $316.84 billion, a price-to-earnings ratio of 17.02, a PEG ratio of 1.53 and a beta of 1.27. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 12-month low of $22.75 and a 12-month high of $33.05.
Bank of America (NYSE:BAC) last announced its earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The firm had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.46 EPS. equities analysts predict that Bank of America Corp will post 2.52 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be paid a dividend of $0.15 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.93%. Bank of America’s payout ratio is presently 26.23%.
Bank of America announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 28th that authorizes the company to buyback $20.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
In other news, insider Catherine P. Bessant sold 15,820 shares of Bank of America 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 approximately $15,289,124.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.10% of the company’s stock.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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