Mainstay Capital Management LLC ADV Has $3.17 Million Holdings in Bank of America Corp (BAC)
Mainstay Capital Management LLC ADV raised its position in Bank of America Corp (NYSE:BAC) by 2,968.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 89,496 shares of the financial services provider’s stock after purchasing an additional 86,579 shares during the period. Mainstay Capital Management LLC ADV’s holdings in Bank of America were worth $3,165,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. King Luther Capital Management Corp increased its stake in shares of Bank of America by 7.5% during the 1st quarter. King Luther Capital Management Corp now owns 7,826,858 shares of the financial services provider’s stock worth $234,727,000 after purchasing an additional 545,001 shares during the last quarter. Payden & Rygel boosted its holdings in Bank of America by 22.0% in the 1st quarter. Payden & Rygel now owns 767,000 shares of the financial services provider’s stock worth $23,002,000 after buying an additional 138,100 shares during the period. EULAV Asset Management boosted its holdings in Bank of America by 4.4% in the 1st quarter. EULAV Asset Management now owns 595,000 shares of the financial services provider’s stock worth $17,844,000 after buying an additional 25,000 shares during the period. Venturi Wealth Management LLC bought a new position in Bank of America in the 1st quarter worth approximately $202,000. Finally, Swedbank boosted its holdings in Bank of America by 2.8% in the 1st quarter. Swedbank now owns 6,646,966 shares of the financial services provider’s stock worth $199,343,000 after buying an additional 183,024 shares during the period. Hedge funds and other institutional investors own 65.04% of the company’s stock.
Shares of NYSE:BAC opened at $30.13 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.94. Bank of America Corp has a one year low of $25.12 and a one year high of $33.05. The firm has a market capitalization of $314.17 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 1.52 and a beta of 1.27.
Bank of America declared that its Board of Directors has approved a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a 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 presently 32.79%.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the firm’s stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the completion of the transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.10% of the stock is owned by company insiders.
Separately, Wolfe Research initiated coverage on shares of Bank of America in a report on Tuesday. They issued an “outperform” rating for the company. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $32.80.
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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