Alphinity Investment Management Pty Ltd Cuts Stake in Bank of America Corp (BAC)

Alphinity Investment Management Pty Ltd lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 14.2% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 814,491 shares of the financial services provider’s stock after selling 134,871 shares during the quarter. Bank of America comprises about 4.7% of Alphinity Investment Management Pty Ltd’s portfolio, making the stock its 5th largest holding. Alphinity Investment Management Pty Ltd’s holdings in Bank of America were worth $22,960,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. McKinley Carter Wealth Services Inc. bought a new position in Bank of America during the first quarter worth about $105,000. Quad Cities Investment Group LLC bought a new position in Bank of America during the second quarter worth about $112,000. Ballew Advisors Inc bought a new position in Bank of America during the first quarter worth about $129,000. Whitnell & Co. bought a new position in Bank of America during the second quarter worth about $134,000. Finally, Well Done LLC bought a new position in Bank of America during the first quarter worth about $136,000. Institutional investors own 65.10% of the company’s stock.

NYSE:BAC opened at $30.14 on Friday. Bank of America Corp has a 52 week low of $24.15 and a 52 week high of $33.05. The stock has a market cap of $316.02 billion, a P/E ratio of 16.47, a price-to-earnings-growth 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 (NYSE:BAC) last released its earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The firm had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. During the same period last year, the firm earned $0.46 EPS. The business’s quarterly revenue was down .9% compared to the same quarter last year. equities research analysts anticipate that Bank of America Corp will post 2.52 earnings per share for the current year.

Bank of America declared that its board has approved a stock repurchase plan on Thursday, June 28th that permits the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

The company 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. This represents a $0.60 annualized dividend and a yield of 1.99%. The ex-dividend date is Thursday, September 6th. Bank of America’s dividend payout ratio (DPR) is currently 32.79%.

In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the firm’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.10% of the stock is owned by company insiders.

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.

See Also: Diversification in Investing

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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