Hellman Jordan Management Co. Inc. MA Has $581,000 Position in Bank of America Corp (BAC)
Hellman Jordan Management Co. Inc. MA lowered its stake in shares of Bank of America Corp (NYSE:BAC) by 28.0% during the second quarter, Holdings Channel reports. The fund owned 20,606 shares of the financial services provider’s stock after selling 8,000 shares during the quarter. Hellman Jordan Management Co. Inc. MA’s holdings in Bank of America were worth $581,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently bought and sold shares of BAC. CSat Investment Advisory L.P. acquired a new stake in Bank of America in the 2nd quarter worth about $103,000. McKinley Carter Wealth Services Inc. acquired a new stake in Bank of America in the 1st quarter worth about $105,000. Quad Cities Investment Group LLC acquired a new stake in Bank of America in the 2nd quarter worth about $112,000. Whitnell & Co. acquired a new stake in Bank of America in the 2nd quarter worth about $134,000. Finally, Well Done LLC acquired a new stake in Bank of America in the 1st quarter worth about $136,000. 65.04% of the stock is currently owned by institutional investors and hedge funds.
Separately, Wolfe Research assumed coverage on Bank of America in a research note on Tuesday. They issued an “outperform” rating on the stock. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $32.80.
Bank of America (NYSE:BAC) last released 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 company had revenue of $22.60 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the business posted $0.46 EPS. sell-side analysts expect that Bank of America Corp will post 2.52 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.99%. This is an increase from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, September 6th. Bank of America’s dividend payout ratio (DPR) is 32.79%.
Bank of America declared that its board has approved a share repurchase program on Thursday, June 28th that permits the company to repurchase $20.60 billion in outstanding 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 generally an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Catherine P. Bessant sold 15,820 shares of the firm’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the transaction, the insider now directly owns 483,680 shares in the company, valued at approximately $15,289,124.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.10% of the company’s stock.
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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