Bank of America Corporation (NYSE:BAC) Shares Sold by Sanders Capital LLC
Sanders Capital LLC cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 24.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,779,815 shares of the financial services provider’s stock after selling 9,465,835 shares during the period. Bank of America Corporation accounts for about 4.6% of Sanders Capital LLC’s portfolio, making the stock its 8th largest position. Sanders Capital LLC’s holdings in Bank of America Corporation were worth $699,558,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Armbruster Capital Management Inc. raised its position in Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares during the last quarter. Integrated Investment Consultants LLC boosted its stake in shares of Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock valued at $103,000 after buying an additional 500 shares during the period. Gradient Investments LLC boosted its stake in shares of Bank of America Corporation by 18.2% in the first quarter. Gradient Investments LLC now owns 4,542 shares of the financial services provider’s stock valued at $107,000 after buying an additional 700 shares during the period. Pinnacle Bank purchased a new stake in shares of Bank of America Corporation during the first quarter valued at $122,000. Finally, Adirondack Trust Co. boosted its stake in shares of Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock valued at $140,000 after buying an additional 519 shares during the period. 65.99% of the stock is owned by institutional investors and hedge funds.
Bank of America Corporation (BAC) traded up 2.242% on Monday, hitting $24.395. The stock had a trading volume of 20,397,678 shares. The stock has a 50-day moving average of $24.25 and a 200-day moving average of $23.79. Bank of America Corporation has a one year low of $14.70 and a one year high of $25.80. The company has a market cap of $256.55 billion, a PE ratio of 14.529 and a beta of 1.27.
Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter last year, the business posted $0.41 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Equities analysts expect that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.
Bank of America Corporation declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that permits the company to buyback $12.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 2.01%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is currently 17.86%.
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Several analysts recently weighed in on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a report on Friday. Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price on the stock. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Instinet reaffirmed a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a report on Saturday, July 22nd. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $30.00 target price (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $23.94.
In related news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.18% of the company’s stock.
About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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