Standard Life Aberdeen plc boosted its stake in shares of Bank of America Corp (NYSE:BAC) by 8.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,879,373 shares of the financial services provider’s stock after buying an additional 1,540,059 shares during the period. Bank of America makes up about 1.1% of Standard Life Aberdeen plc’s investment portfolio, making the stock its 17th largest holding. Standard Life Aberdeen plc owned 0.19% of Bank of America worth $560,697,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently bought and sold shares of BAC. Schroder Investment Management Group increased its position in Bank of America by 47.3% during the 1st quarter. Schroder Investment Management Group now owns 18,515,313 shares of the financial services provider’s stock valued at $555,274,000 after buying an additional 5,946,378 shares in the last quarter. Hexavest Inc. bought a new stake in shares of Bank of America in the 2nd quarter worth $78,512,000. Suvretta Capital Management LLC bought a new stake in shares of Bank of America in the 1st quarter worth $77,254,000. MUFG Securities EMEA plc increased its holdings in shares of Bank of America by 509.8% in the 1st quarter. MUFG Securities EMEA plc now owns 2,988,000 shares of the financial services provider’s stock worth $89,610,000 after purchasing an additional 2,498,000 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Bank of America by 119.4% in the 1st quarter. SG Americas Securities LLC now owns 3,928,070 shares of the financial services provider’s stock worth $117,803,000 after purchasing an additional 2,138,097 shares in the last quarter. 65.10% of the stock is owned by institutional investors.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of Bank of America 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 completion of the sale, the insider now owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.10% of the stock is currently owned by company insiders.
Bank of America stock opened at $31.14 on Wednesday. The firm has a market capitalization of $316.84 billion, a price-to-earnings ratio of 17.02, a price-to-earnings-growth ratio of 1.53 and a beta of 1.27. Bank of America Corp has a 12 month low of $22.75 and a 12 month high of $33.05. 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 posted its earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.06. The business had revenue of $22.60 billion during the quarter, compared to analyst estimates of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The company’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter last year, the company earned $0.46 EPS. equities research analysts forecast that Bank of America Corp will post 2.52 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be issued a $0.15 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date 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 dividend payout ratio (DPR) is presently 26.23%.
Bank of America announced that its board has approved a share buyback program on Thursday, June 28th that allows the company to repurchase $20.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
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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