Bank of America Corp (BAC) Shares Bought by NorthCoast Asset Management LLC
NorthCoast Asset Management LLC raised its stake in shares of Bank of America Corp (NYSE:BAC) by 2.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 711,116 shares of the financial services provider’s stock after purchasing an additional 13,958 shares during the quarter. Bank of America accounts for about 1.9% of NorthCoast Asset Management LLC’s holdings, making the stock its 24th biggest holding. NorthCoast Asset Management LLC’s holdings in Bank of America were worth $20,046,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently made changes to their positions in the company. PVG Asset Management Corp bought a new stake in shares of Bank of America in the 2nd quarter worth approximately $2,863,000. Argent Trust Co lifted its holdings in shares of Bank of America by 622.0% in the 2nd quarter. Argent Trust Co now owns 197,539 shares of the financial services provider’s stock worth $5,569,000 after acquiring an additional 170,180 shares during the last quarter. Bramshill Investments LLC bought a new stake in shares of Bank of America in the 2nd quarter worth approximately $506,000. CapWealth Advisors LLC lifted its holdings in shares of Bank of America by 1.1% in the 2nd quarter. CapWealth Advisors LLC now owns 1,122,882 shares of the financial services provider’s stock worth $31,654,000 after acquiring an additional 11,778 shares during the last quarter. Finally, Griffin Asset Management Inc. lifted its holdings in shares of Bank of America by 53.6% in the 2nd quarter. Griffin Asset Management Inc. now owns 121,877 shares of the financial services provider’s stock worth $3,436,000 after acquiring an additional 42,505 shares during the last quarter. Institutional investors and hedge funds own 65.04% of the company’s stock.
Shares of BAC opened at $30.74 on Tuesday. The company has a market capitalization of $317.86 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 1.54 and a beta of 1.27. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a fifty-two week low of $24.58 and a fifty-two week high of $33.05.
Bank of America declared that its Board of Directors has approved a stock repurchase program on Thursday, June 28th that permits the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.95%. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, September 6th. Bank of America’s payout ratio is presently 32.79%.
In related news, insider Catherine P. Bessant sold 15,820 shares of Bank of America stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at $15,289,124.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.10% of the stock is owned by insiders.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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