Advisors Asset Management Inc. lowered its holdings in Bank of America Corp (NYSE:BAC) by 97.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 4,000 shares of the financial services provider’s stock after selling 161,387 shares during the period. Advisors Asset Management Inc.’s holdings in Bank of America were worth $7,289,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. PVG Asset Management Corp purchased a new position in shares of Bank of America in the 2nd quarter valued at approximately $2,863,000. Argent Trust Co lifted its stake 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 valued at $5,569,000 after purchasing an additional 170,180 shares during the period. Bramshill Investments LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at approximately $506,000. CapWealth Advisors LLC lifted its stake 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 valued at $31,654,000 after purchasing an additional 11,778 shares during the period. Finally, Griffin Asset Management Inc. lifted its stake 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 valued at $3,436,000 after purchasing an additional 42,505 shares during the period. Institutional investors and hedge funds own 65.04% of the company’s stock.

BAC opened at $30.74 on Tuesday. The company has a market capitalization of $317.86 billion, a PE ratio of 16.81, a PEG 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 52 week low of $24.58 and a 52 week high of $33.05.

Bank of America (NYSE:BAC) last released its earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.06. The company had revenue of $22.60 billion during the quarter, compared to analysts’ expectations of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter last year, the business posted $0.46 EPS. research analysts expect that Bank of America Corp will post 2.52 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Thursday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio (DPR) is presently 32.79%.

Bank of America declared that its board has approved a share buyback plan on Thursday, June 28th that permits the company to repurchase $20.60 billion in shares. This repurchase authorization permits the financial services provider to buy up to 7.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

In other news, insider Catherine P. Bessant sold 15,820 shares of the firm’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the completion of the transaction, the insider now owns 483,680 shares in the company, valued at approximately $15,289,124.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.10% of the company’s stock.

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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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