World Asset Management Inc reduced its holdings in shares of Bank of America Corp (NYSE:BAC) by 2.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 553,810 shares of the financial services provider’s stock after selling 11,881 shares during the quarter. Bank of America makes up about 0.8% of World Asset Management Inc’s holdings, making the stock its 15th largest position. World Asset Management Inc’s holdings in Bank of America were worth $16,315,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the stock. Atlantic Trust LLC increased its position in Bank of America by 18.3% in the second quarter. Atlantic Trust LLC now owns 14,105 shares of the financial services provider’s stock worth $398,000 after buying an additional 2,180 shares during the last quarter. Oarsman Capital Inc. grew its position in shares of Bank of America by 3.7% in the second quarter. Oarsman Capital Inc. now owns 71,630 shares of the financial services provider’s stock valued at $2,019,000 after purchasing an additional 2,540 shares in the last quarter. Fulton Bank N.A. grew its position in shares of Bank of America by 11.1% in the third quarter. Fulton Bank N.A. now owns 153,504 shares of the financial services provider’s stock valued at $4,522,000 after purchasing an additional 15,306 shares in the last quarter. Associated Banc Corp grew its position in shares of Bank of America by 9.2% in the second quarter. Associated Banc Corp now owns 328,171 shares of the financial services provider’s stock valued at $9,252,000 after purchasing an additional 27,611 shares in the last quarter. Finally, Sigma Planning Corp grew its position in shares of Bank of America by 1.6% in the second quarter. Sigma Planning Corp now owns 198,494 shares of the financial services provider’s stock valued at $5,596,000 after purchasing an additional 3,135 shares in the last quarter. Institutional investors and hedge funds own 65.08% of the company’s stock.
In related news, insider Catherine P. Bessant sold 15,820 shares of the business’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $31.61, for a total transaction of $500,070.20. Following the completion of the transaction, the insider now directly owns 483,680 shares in the company, valued at $15,289,124.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.10% of the stock is owned by insiders.
Bank of America stock opened at $28.46 on Friday. Bank of America Corp has a 52 week low of $25.12 and a 52 week 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. The stock has a market cap of $301.78 billion, a P/E ratio of 15.55, a price-to-earnings-growth ratio of 1.46 and a beta of 1.30.
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 Thomson Reuters’ consensus estimate of $0.57 by $0.06. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The business had revenue of $22.60 billion during the quarter, compared to analysts’ expectations of $22.49 billion. During the same period in the previous year, the business earned $0.46 earnings per share. The firm’s revenue was down .9% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corp will post 2.52 earnings per share for the current fiscal year.
Bank of America declared that its board has approved a stock 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 purchase up to 7.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 7th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.11%. This is a boost from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, September 6th. Bank of America’s payout ratio is presently 32.79%.
Separately, Wolfe Research assumed coverage on Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating for the company. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $33.35.
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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