Westwood Holdings Group Inc. decreased its position in Bank of America Corp (NYSE:BAC) by 17.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,800,705 shares of the financial services provider’s stock after selling 1,482,816 shares during the period. Bank of America accounts for 2.1% of Westwood Holdings Group Inc.’s investment portfolio, making the stock its biggest holding. Westwood Holdings Group Inc. owned 0.07% of Bank of America worth $197,220,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of BAC. Squar Milner Financial Services LLC grew its position in shares of Bank of America by 1.3% during the 1st quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock valued at $737,000 after acquiring an additional 348 shares during the period. Barber Financial Group Inc. boosted its holdings in Bank of America by 2.1% in the 1st quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock worth $473,000 after buying an additional 360 shares during the period. Rowland & Co. Investment Counsel ADV boosted its holdings in Bank of America by 9.7% in the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock worth $119,000 after buying an additional 360 shares during the period. Holderness Investments Co. boosted its holdings in Bank of America by 0.6% in the 2nd quarter. Holderness Investments Co. now owns 64,230 shares of the financial services provider’s stock worth $1,863,000 after buying an additional 360 shares during the period. Finally, Kistler Tiffany Companies LLC boosted its holdings in Bank of America by 2.4% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock worth $456,000 after buying an additional 365 shares during the period. Hedge funds and other institutional investors own 68.48% of the company’s stock.
Shares of Bank of America stock traded up $0.06 on Friday, hitting $29.88. 53,447,463 shares of the company traded hands, compared to its average volume of 53,264,508. The firm’s 50-day simple moving average is $28.07 and its 200 day simple moving average is $28.73. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The company has a market cap of $278.69 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.18 and a beta of 1.57. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $31.37.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company posted $0.63 EPS. Analysts predict that Bank of America Corp will post 2.82 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.41%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is 27.59%.
Bank of America announced that its board has authorized a stock buyback plan on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Several research analysts recently commented on BAC shares. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a report on Monday, June 17th. Morgan Stanley raised their price objective on shares of Bank of America from $31.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday. Wells Fargo & Co set a $34.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a report on Friday, August 16th. Finally, Raymond James downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $32.42.
In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.17% of the company’s stock.
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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