Corrado Advisors LLC decreased its holdings in shares of Bank of America Corp (NYSE:BAC) by 5.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 260,113 shares of the financial services provider’s stock after selling 15,773 shares during the quarter. Bank of America accounts for about 5.0% of Corrado Advisors LLC’s investment portfolio, making the stock its 4th biggest position. Corrado Advisors LLC’s holdings in Bank of America were worth $7,663,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Janus Henderson Group PLC grew its stake in Bank of America by 74.9% in the second quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock worth $779,654,000 after purchasing an additional 11,842,467 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Bank of America by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock worth $1,800,203,000 after purchasing an additional 8,925,474 shares in the last quarter. Natixis grew its stake in Bank of America by 256.8% in the second quarter. Natixis now owns 8,614,786 shares of the financial services provider’s stock worth $242,851,000 after purchasing an additional 6,200,655 shares in the last quarter. Royal London Asset Management Ltd. bought a new position in Bank of America in the second quarter worth approximately $111,692,000. Finally, Hexavest Inc. bought a new position in Bank of America in the second quarter worth approximately $78,512,000. 65.08% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America stock opened at $28.46 on Friday. 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 cap of $301.78 billion, a price-to-earnings ratio of 15.55, a P/E/G ratio of 1.46 and a beta of 1.30. Bank of America Corp has a twelve month low of $25.12 and a twelve month high of $33.05.
Bank of America (NYSE:BAC) last posted its earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The company 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%. Bank of America’s revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.46 earnings per share. Analysts anticipate that Bank of America Corp will post 2.52 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 7th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, September 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.11%. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio is currently 32.79%.
Bank of America announced that its board has authorized a share repurchase program on Thursday, June 28th that authorizes the company to buyback $20.60 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Separately, Wolfe Research assumed coverage on Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating on the stock. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Bank of America has a consensus rating of “Buy” and a consensus price target of $33.35.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction on 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 sale, the insider now 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 can be accessed through this link. 0.10% of the stock is owned by corporate 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.
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