Whittier Trust Co. of Nevada Inc. decreased its holdings in Bank of America Corp (NYSE:BAC) by 0.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,321 shares of the financial services provider’s stock after selling 616 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Bank of America were worth $2,189,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also made changes to their positions in BAC. Ocean Capital Management LLC acquired a new position in Bank of America during the fourth quarter worth $219,000. Sanders Capital LLC raised its holdings in Bank of America by 3.2% during the fourth quarter. Sanders Capital LLC now owns 18,621,007 shares of the financial services provider’s stock worth $506,236,000 after purchasing an additional 584,443 shares during the last quarter. Lee Danner & Bass Inc. raised its holdings in Bank of America by 13.2% during the fourth quarter. Lee Danner & Bass Inc. now owns 37,251 shares of the financial services provider’s stock worth $918,000 after purchasing an additional 4,339 shares during the last quarter. Garner Asset Management Corp raised its holdings in Bank of America by 2.9% during the fourth quarter. Garner Asset Management Corp now owns 40,807 shares of the financial services provider’s stock worth $1,006,000 after purchasing an additional 1,152 shares during the last quarter. Finally, Paragon Capital Management Ltd raised its holdings in Bank of America by 17.2% during the fourth quarter. Paragon Capital Management Ltd now owns 11,210 shares of the financial services provider’s stock worth $276,000 after purchasing an additional 1,649 shares during the last quarter. 68.19% of the stock is owned by institutional investors.
Shares of BAC traded up $0.42 during trading hours on Monday, hitting $29.42. 48,010,435 shares of the stock were exchanged, compared to its average volume of 57,420,898. The company has a market capitalization of $275.74 billion, a price-to-earnings ratio of 11.27, a P/E/G ratio of 1.13 and a beta of 1.53. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $31.91. The business’s 50-day simple moving average is $28.11.
Bank of America declared that its board has approved a share buyback program on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, June 6th. This represents a $0.60 annualized dividend and a yield of 2.04%. Bank of America’s dividend payout ratio is currently 22.99%.
In related news, insider Dean C. Athanasia sold 129,615 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the transaction, the insider now owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.17% of the stock is currently owned by insiders.
BAC has been the subject of several research reports. BMO Capital Markets lifted their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Wednesday, April 17th. Zacks Investment Research lowered Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Jefferies Financial Group cut Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research note on Wednesday, April 17th. HSBC started coverage on Bank of America in a research note on Thursday, April 4th. They set a “hold” rating and a $29.00 price objective on the stock. Finally, Oppenheimer increased their price objective on Bank of America from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. Bank of America has an average rating of “Hold” and an average target price of $32.75.
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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