WealthPLAN Partners LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 4.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,648 shares of the financial services provider’s stock after acquiring an additional 399 shares during the period. WealthPLAN Partners LLC’s holdings in Bank of America were worth $457,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of BAC. Nova Wealth Management Inc. raised its holdings in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America during the second quarter worth $28,000. CGC Financial Services LLC increased its position in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares during the last quarter. Acima Private Wealth LLC acquired a new position in Bank of America during the second quarter worth $33,000. Finally, Cloud Capital Management LLC acquired a new position in Bank of America during the first quarter worth $40,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
View Our Latest Research Report on BAC
Bank of America Trading Down 3.6%
Shares of NYSE:BAC opened at $50.38 on Friday. The company has a market cap of $373.16 billion, a P/E ratio of 13.73, a P/E/G ratio of 2.01 and a beta of 1.33. The stock’s 50-day moving average is $50.00 and its 200-day moving average is $45.73. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.
Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the business earned $0.81 earnings per share. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.
Bank of America announced that its board has authorized a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
Bank of America Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is 32.75%.
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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