Oak Hill Wealth Advisors LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.7% during the second quarter, HoldingsChannel.com reports. The firm owned 6,622 shares of the financial services provider’s stock after acquiring an additional 300 shares during the quarter. Oak Hill Wealth Advisors LLC’s holdings in Bank of America were worth $312,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Advisory Solutions LLC grew its position in Bank of America by 4.4% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 214 shares during the last quarter. Centurion Wealth Management LLC boosted its holdings in shares of Bank of America by 2.3% during the 2nd quarter. Centurion Wealth Management LLC now owns 9,862 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 225 shares during the last quarter. Nova Wealth Management Inc. boosted its holdings in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Cape Investment Advisory Inc. boosted its holdings in shares of Bank of America by 1.9% during the 1st quarter. Cape Investment Advisory Inc. now owns 12,567 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 238 shares during the last quarter. Finally, Rainier Family Wealth Inc. boosted its holdings in shares of Bank of America by 3.9% during the 2nd quarter. Rainier Family Wealth Inc. now owns 6,396 shares of the financial services provider’s stock valued at $303,000 after acquiring an additional 239 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.
Wall Street Analysts Forecast Growth
View Our Latest Stock Report on Bank of America
Bank of America Trading Up 0.3%
Shares of BAC opened at $50.63 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The company has a 50 day simple moving average of $49.37 and a two-hundred day simple moving average of $45.26. The firm has a market cap of $374.98 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The company 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%. Bank of America’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 earnings per share. On average, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.
Bank of America declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
Bank of America Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is 32.75%.
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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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