BlackRock Inc. decreased its stake in Bank of America Corp (NYSE:BAC) by 3.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 637,949,244 shares of the financial services provider’s stock after selling 24,520,884 shares during the period. Bank of America accounts for 0.8% of BlackRock Inc.’s investment portfolio, making the stock its 11th largest holding. BlackRock Inc. owned about 0.06% of Bank of America worth $17,983,789,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Associated Banc Corp boosted its holdings in shares of Bank of America by 9.2% in the 2nd 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 in the last quarter. Sigma Planning Corp boosted its holdings in shares of Bank of America by 1.6% in the 2nd 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 in the last quarter. Guardian Investment Management boosted its holdings in shares of Bank of America by 4.1% in the 2nd 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 in the last quarter. Wealthfront Inc. boosted its holdings in shares of Bank of America by 5.3% in the 1st 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 in the last quarter. Finally, Financial Advocates Investment Management boosted its holdings in shares of Bank of America by 8.1% in the 2nd quarter. Financial Advocates Investment Management now owns 64,406 shares of the financial services provider’s stock valued at $1,821,000 after buying an additional 4,821 shares in the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.
Shares of Bank of America stock opened at $31.18 on Thursday. Bank of America Corp has a 12-month low of $22.75 and a 12-month high of $33.05. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $316.84 billion, a PE ratio of 17.04, a P/E/G ratio of 1.53 and a beta of 1.27.
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, topping the Zacks’ consensus estimate of $0.57 by $0.06. The firm had revenue of $22.60 billion during the quarter, compared to analysts’ expectations of $22.49 billion. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. Bank of America’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 EPS. research analysts expect that Bank of America Corp will post 2.52 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 7th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, September 6th. This represents a $0.60 dividend on an annualized basis and a yield of 1.92%. This is a boost from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio is currently 26.23%.
Bank of America announced that its Board of Directors has authorized a share buyback 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 stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction 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 sale, the insider now owns 483,680 shares in the company, valued at approximately $15,289,124.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.10% of the stock is owned by corporate insiders.
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.
Recommended Story: Hedge Funds – Risk or Reward?
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.