Unio Capital LLC Cuts Position in Bank of America Corp (BAC)
Unio Capital LLC decreased its holdings in Bank of America Corp (NYSE:BAC) by 12.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 15,500 shares of the financial services provider’s stock after selling 2,260 shares during the period. Unio Capital LLC’s holdings in Bank of America were worth $437,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Janus Henderson Group PLC raised its stake in shares of Bank of America by 74.9% during the second quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock valued at $779,654,000 after purchasing an additional 11,842,467 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Bank of America by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock valued at $1,800,203,000 after purchasing an additional 8,925,474 shares during the period. Schroder Investment Management Group raised its stake in shares of Bank of America by 47.3% during the first quarter. Schroder Investment Management Group now owns 18,515,313 shares of the financial services provider’s stock valued at $555,274,000 after purchasing an additional 5,946,378 shares during the period. Hexavest Inc. purchased a new stake in shares of Bank of America during the second quarter valued at approximately $78,512,000. Finally, Suvretta Capital Management LLC purchased a new stake in shares of Bank of America during the first quarter valued at approximately $77,254,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.
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 shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the sale, the insider now owns 483,680 shares in the company, valued at $15,289,124.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.10% of the company’s stock.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The business’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the firm posted $0.46 earnings per share. equities research analysts predict that Bank of America Corp will post 2.52 EPS for the current fiscal 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 paid a dividend of $0.15 per share. The ex-dividend date is Thursday, September 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.99%. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio (DPR) is currently 32.79%.
Bank of America announced that its board has initiated a share repurchase 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 reacquire 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.
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.
Further Reading: Fiduciary
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