Nepsis Inc. Trims Holdings in Bank of America Corp (BAC)
Nepsis Inc. reduced its position in shares of Bank of America Corp (NYSE:BAC) by 44.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 84,009 shares of the financial services provider’s stock after selling 67,462 shares during the period. Bank of America comprises about 1.2% of Nepsis Inc.’s investment portfolio, making the stock its 29th largest holding. Nepsis Inc.’s holdings in Bank of America were worth $2,368,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Guardian Investment Management boosted its position in Bank of America by 4.1% during the 2nd quarter. Guardian Investment Management now owns 140,040 shares of the financial services provider’s stock valued at $3,967,000 after acquiring an additional 5,493 shares in the last quarter. Wealthfront Inc. boosted its position in Bank of America by 5.3% during the 1st quarter. Wealthfront Inc. now owns 503,392 shares of the financial services provider’s stock valued at $15,097,000 after acquiring an additional 25,141 shares in the last quarter. Sigma Planning Corp boosted its position in Bank of America by 1.6% during the 2nd quarter. Sigma Planning Corp now owns 198,494 shares of the financial services provider’s stock valued at $5,596,000 after acquiring an additional 3,135 shares in the last quarter. Coe Capital Management LLC bought a new stake in Bank of America during the 4th quarter valued at $224,000. Finally, Xact Kapitalforvaltning AB boosted its position in Bank of America by 0.9% during the 1st quarter. Xact Kapitalforvaltning AB now owns 1,999,884 shares of the financial services provider’s stock valued at $59,977,000 after acquiring an additional 18,525 shares in the last quarter. Institutional investors own 66.88% of the company’s stock.
Bank of America stock opened at $30.74 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $319.50 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 1.54 and a beta of 1.29. Bank of America Corp has a 1-year low of $22.75 and a 1-year high of $33.05.
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 boost 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 1.95%. Bank of America’s dividend payout ratio (DPR) is presently 26.23%.
Bank of America announced that its board has authorized a share buyback program on Thursday, June 28th that allows the company to repurchase $20.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
Separately, Citigroup increased their target price on Bank of America from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, April 24th. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Bank of America presently has a consensus rating of “Buy” and an average target price of $32.37.
In other news, insider Catherine P. Bessant sold 15,820 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now 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 can be accessed through the SEC website. 0.10% of the stock is owned by company insiders.
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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