Sepio Capital LP reduced its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 21.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,358 shares of the financial services provider's stock after selling 6,662 shares during the quarter. Sepio Capital LP's holdings in Bank of America were worth $1,016,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the business. Rise Advisors LLC boosted its holdings in shares of Bank of America by 2.1% in the 1st quarter. Rise Advisors LLC now owns 12,487 shares of the financial services provider's stock worth $521,000 after acquiring an additional 255 shares in the last quarter. Samlyn Capital LLC boosted its holdings in shares of Bank of America by 35.5% in the 1st quarter. Samlyn Capital LLC now owns 9,191,894 shares of the financial services provider's stock worth $383,578,000 after acquiring an additional 2,407,519 shares in the last quarter. Parkwood LLC acquired a new position in shares of Bank of America in the 1st quarter worth approximately $16,648,000. Plancorp LLC boosted its holdings in shares of Bank of America by 5.8% in the 1st quarter. Plancorp LLC now owns 103,576 shares of the financial services provider's stock worth $4,322,000 after acquiring an additional 5,696 shares in the last quarter. Finally, Greenline Partners LLC boosted its holdings in shares of Bank of America by 1.8% in the 1st quarter. Greenline Partners LLC now owns 19,613 shares of the financial services provider's stock worth $818,000 after acquiring an additional 353 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Bank of America news, insider James P. Demare sold 148,391 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company's stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.30% of the company's stock.
Bank of America Stock Performance
Shares of Bank of America stock opened at $49.69 on Monday. The firm has a fifty day moving average of $47.95 and a two-hundred day moving average of $44.07. The stock has a market capitalization of $368.07 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 1.93 and a beta of 1.34. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $50.92. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80.
Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 EPS. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.
Bank of America declared that its board has initiated a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.
Bank of America Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio (DPR) is 32.75%.
Analyst Upgrades and Downgrades
BAC has been the topic of several research reports. Morgan Stanley upped their price objective on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. The Goldman Sachs Group upped their price objective on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. HSBC downgraded Bank of America from a "buy" rating to a "hold" rating and upped their price objective for the stock from $47.00 to $51.00 in a report on Monday, July 7th. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $50.39.
Read Our Latest Report on BAC
Bank of America Company Profile
(
Free Report)
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.
Further Reading
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