Catalyst Capital Advisors LLC Takes Position in Bank of America Corp (BAC)
Catalyst Capital Advisors LLC acquired a new stake in shares of Bank of America Corp (NYSE:BAC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 23,700 shares of the financial services provider’s stock, valued at approximately $668,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harvey Capital Management Inc. purchased a new stake in Bank of America during the second quarter valued at approximately $2,824,000. Van Hulzen Asset Management LLC purchased a new stake in Bank of America during the second quarter valued at approximately $682,000. Quad Cities Investment Group LLC purchased a new stake in Bank of America during the second quarter valued at approximately $112,000. Sarasin & Partners LLP purchased a new stake in Bank of America during the second quarter valued at approximately $564,000. Finally, Girard Partners LTD. purchased a new stake in Bank of America during the second quarter valued at approximately $1,218,000. 66.60% of the stock is owned by hedge funds and other institutional investors.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The shares were 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 $15,289,124.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.10% of the stock is currently owned by corporate insiders.
Bank of America (NYSE:BAC) last announced 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. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The business had revenue of $22.60 billion during the quarter, compared to analysts’ expectations of $22.49 billion. During the same period in the prior year, the company earned $0.46 earnings per share. The firm’s revenue was down .9% on a year-over-year basis. research analysts predict that Bank of America Corp will post 2.52 earnings per share for the current year.
The firm also recently announced 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 boost 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 1.94%. The ex-dividend date of this dividend is Thursday, September 6th. Bank of America’s dividend payout ratio is currently 26.23%.
Bank of America declared that its board has authorized a share buyback program on Thursday, June 28th that permits the company to repurchase $20.60 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 7.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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.
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