Canal Insurance CO acquired a new stake in Bank of America Corp (NYSE:BAC) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 35,000 shares of the financial services provider’s stock, valued at approximately $990,000.

A number of other hedge funds have also added to or reduced their stakes in BAC. Janus Henderson Group PLC lifted its holdings in shares of Bank of America by 74.9% during the 2nd quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock valued at $779,654,000 after buying an additional 11,842,467 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Bank of America by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock valued at $1,800,203,000 after buying an additional 8,925,474 shares during the period. Schroder Investment Management Group lifted its holdings in shares of Bank of America by 47.3% during the 1st quarter. Schroder Investment Management Group now owns 18,515,313 shares of the financial services provider’s stock valued at $555,274,000 after buying an additional 5,946,378 shares during the period. Hexavest Inc. bought a new position in shares of Bank of America during the 2nd quarter valued at $78,512,000. Finally, Suvretta Capital Management LLC bought a new position in shares of Bank of America during the 1st quarter valued at $77,254,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

NYSE BAC opened at $30.86 on Monday. The firm has a market cap of $316.12 billion, a PE ratio of 16.86, a PEG ratio of 1.53 and a beta of 1.27. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. Bank of America Corp has a 1-year low of $22.85 and a 1-year high of $33.05.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.06. The firm had revenue of $22.60 billion for 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 company’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.46 EPS. analysts forecast that Bank of America Corp will post 2.52 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.94%. This is a boost from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, September 6th. Bank of America’s dividend payout ratio is presently 32.79%.

Bank of America declared that its board has authorized a stock repurchase plan on Thursday, June 28th that permits the company to buyback $20.60 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In other news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction 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 transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is owned by corporate 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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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