Castleark Management LLC trimmed its holdings in Bank of America Corp (NYSE:BAC) by 50.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 242,900 shares of the financial services provider’s stock after selling 242,900 shares during the quarter. Castleark Management LLC’s holdings in Bank of America were worth $6,847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. CSat Investment Advisory L.P. bought a new stake in Bank of America in the 2nd quarter valued at about $103,000. McKinley Carter Wealth Services Inc. bought a new stake in Bank of America during the 1st quarter worth approximately $105,000. Quad Cities Investment Group LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $112,000. Whitnell & Co. bought a new stake in Bank of America during the 2nd quarter worth approximately $134,000. Finally, Well Done LLC bought a new stake in Bank of America during the 1st quarter worth approximately $136,000. 65.05% of the stock is currently owned by institutional investors.

Shares of BAC opened at $31.03 on Monday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $317.86 billion, a price-to-earnings ratio of 16.96, a P/E/G ratio of 1.54 and a beta of 1.27. 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 issued its quarterly earnings data on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The firm had revenue of $22.60 billion during the quarter, compared to analyst estimates of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 EPS. analysts expect that Bank of America Corp will post 2.52 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be issued a dividend of $0.15 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Thursday, September 6th. Bank of America’s payout ratio is currently 32.79%.

Bank of America announced that its Board of Directors has approved a share repurchase program on Thursday, June 28th that authorizes the company to buyback $20.60 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the business’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 transaction of $500,070.20. Following the completion of the sale, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.10% of the company’s stock.

Bank of America Company 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

See Also: Price to Earnings Ratio (PE) Basics

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

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