Chilton Investment Co. LLC Acquires Shares of 1,201,387 Bank of America Corp (BAC)
Chilton Investment Co. LLC acquired a new stake in shares of Bank of America Corp (NYSE:BAC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,201,387 shares of the financial services provider’s stock, valued at approximately $33,867,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Trexquant Investment LP bought a new position in Bank of America during the 1st quarter worth approximately $3,066,000. Hodges Capital Management Inc. grew its position in shares of Bank of America by 12.9% in the 1st quarter. Hodges Capital Management Inc. now owns 535,347 shares of the financial services provider’s stock worth $16,055,000 after buying an additional 60,991 shares during the last quarter. Partnervest Advisory Services LLC grew its position in shares of Bank of America by 15.2% in the 1st quarter. Partnervest Advisory Services LLC now owns 30,791 shares of the financial services provider’s stock worth $923,000 after buying an additional 4,061 shares during the last quarter. W. E. Donoghue & Co. LLC bought a new stake in shares of Bank of America in the 1st quarter worth approximately $2,396,000. Finally, Jacobi Capital Management LLC grew its position in shares of Bank of America by 33.6% in the 1st quarter. Jacobi Capital Management LLC now owns 18,116 shares of the financial services provider’s stock worth $531,000 after buying an additional 4,558 shares during the last quarter. 65.10% of the stock is currently owned by institutional investors.
Shares of BAC stock opened at $30.43 on Thursday. The company has a market capitalization of $316.02 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 1.53 and a beta of 1.27. Bank of America Corp has a fifty-two week low of $23.87 and a fifty-two week high of $33.05. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 0.91.
Bank of America announced that its board has authorized a stock buyback 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 stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be given a $0.15 dividend. 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 dividend yield of 1.97%. The ex-dividend date of this dividend is Thursday, September 6th. Bank of America’s dividend payout ratio (DPR) is currently 32.79%.
In other news, insider Catherine P. Bessant sold 15,820 shares of Bank of America 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 sale, the insider now directly owns 483,680 shares in the company, valued at approximately $15,289,124.80. The sale was disclosed in a filing with the SEC, which is available through this link. 0.10% of the stock is currently owned by company insiders.
Bank of America 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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