Strategies Wealth Advisors LLC bought a new position in Bank of America Corporation (NYSE:BAC) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 5,167 shares of the financial services provider’s stock, valued at approximately $216,000.
Other institutional investors have also recently made changes to their positions in the company. Vega Investment Solutions bought a new stake in shares of Bank of America in the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America in the 4th quarter worth $31,000. Spurstone Advisory Services LLC bought a new stake in shares of Bank of America in the 4th quarter worth $34,000. Wood Tarver Financial Group LLC bought a new stake in shares of Bank of America in the 4th quarter worth $38,000. Finally, Mascagni Wealth Management Inc. bought a new position in Bank of America during the fourth quarter valued at about $40,000. Institutional investors own 70.71% of the company’s stock.
Insiders Place Their Bets
In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
Check Out Our Latest Report on Bank of America
Bank of America Price Performance
Shares of NYSE:BAC opened at $49.4850 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $366.53 billion, a PE ratio of 14.47, a P/E/G ratio of 1.87 and a beta of 1.31. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.66. The company has a 50-day moving average price of $47.06 and a two-hundred day moving average price of $43.86.
Bank of America (NYSE:BAC – Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $0.83 earnings per share. Equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.
Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Bank of America Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is 30.41%.
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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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