Graypoint LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 6.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 84,701 shares of the financial services provider’s stock after buying an additional 4,950 shares during the period. Graypoint LLC’s holdings in Bank of America were worth $3,369,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of BAC. Vanguard Group Inc. boosted its holdings in Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. Norges Bank bought a new position in Bank of America in the fourth quarter worth $3,734,407,000. Price T Rowe Associates Inc. MD lifted its position in Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Bank of America by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after buying an additional 1,315,056 shares during the last quarter. Finally, Parnassus Investments LLC lifted its holdings in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.
Insider Transactions at Bank of America
In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. In the last three months, insiders sold 99,609,567 shares of company stock valued at $4,122,483,669. Insiders own 0.29% of the company’s stock.
Analyst Upgrades and Downgrades
Check Out Our Latest Stock Analysis on Bank of America
Bank of America Trading Up 1.4 %
Shares of NYSE:BAC traded up $0.58 during trading on Friday, reaching $40.75. 49,098,180 shares of the company were exchanged, compared to its average volume of 39,229,773. The business’s fifty day simple moving average is $40.23 and its 200-day simple moving average is $38.26. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The firm has a market capitalization of $318.68 billion, a PE ratio of 14.10, a P/E/G ratio of 1.41 and a beta of 1.35.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.88 EPS. On average, research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.
Bank of America announced that its Board of Directors has approved a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
Bank of America Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.55%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.
Bank of America Company 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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