Resources Management Corp CT ADV Has $6.28 Million Stock Position in Bank of America Corporation $BAC

Key Points

• Resources Management Corp CT ADV has reduced its stake in Bank of America by 4.9%, holding 150,599 shares worth approximately $6.28 million after selling 7,833 shares in the first quarter.
• Bank of America announced a share repurchase plan authorizing the buyback of up to $40 billion in shares, signaling management's belief that the stock is undervalued.
• The company's quarterly dividend will increase from $0.26 to $0.28 per share, reflecting a boost and a yield of 2.3% for shareholders of record on September 5th.

Resources Management Corp CT ADV trimmed its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 4.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 150,599 shares of the financial services provider's stock after selling 7,833 shares during the quarter. Resources Management Corp CT ADV's holdings in Bank of America were worth $6,284,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider's stock worth $2,521,218,000 after buying an additional 803,570 shares during the last quarter. Deutsche Bank AG raised its position in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Bank of America by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 45,092,517 shares of the financial services provider's stock valued at $1,981,816,000 after acquiring an additional 5,092,504 shares in the last quarter. Amundi boosted its holdings in Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider's stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider's stock valued at $1,333,351,000 after purchasing an additional 188,638 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.2%

Shares of Bank of America stock traded down $0.13 on Wednesday, reaching $50.17. 31,674,616 shares of the company were exchanged, compared to its average volume of 34,777,764. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $50.92. The firm has a market capitalization of $371.57 billion, a price-to-earnings ratio of 14.70, a price-to-earnings-growth ratio of 1.95 and a beta of 1.34. The stock has a fifty day moving average price of $48.03 and a 200-day moving average price of $44.15.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter in the previous year, the company posted $0.83 earnings per share. Bank of America's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a $0.28 dividend. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America's payout ratio is 32.75%.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. HSBC cut shares of Bank of America from a "buy" rating to a "hold" rating and raised their target price for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Morgan Stanley raised their price target on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. Hsbc Global Res cut Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Finally, Oppenheimer boosted their price target on shares of Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $50.39.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company's stock.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.