TD Asset Management Inc trimmed its position in Bank of America Corporation (NYSE:BAC) by 0.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,818,363 shares of the financial services provider's stock after selling 5,300 shares during the quarter. TD Asset Management Inc's holdings in Bank of America were worth $133,365,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. Boston Common Asset Management LLC raised its stake in Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider's stock valued at $12,288,000 after purchasing an additional 24,740 shares during the last quarter. Nicholas Hoffman & Company LLC. raised its stake in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider's stock valued at $2,589,000 after purchasing an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC raised its stake in Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider's stock valued at $306,000 after purchasing an additional 439 shares during the last quarter. CCG Wealth Management LLC acquired a new position in Bank of America during the 2nd quarter valued at $287,000. Finally, Community Financial Services Group LLC increased its holdings in Bank of America by 3.5% in the 2nd quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider's stock valued at $8,000,000 after buying an additional 5,787 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Stock Up 2.4%
Shares of NYSE:BAC opened at $50.04 on Wednesday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The company's 50-day moving average price is $49.76 and its two-hundred day moving average price is $45.62. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The firm has a market cap of $370.62 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.89 and a beta of 1.33.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the prior year, the firm earned $0.83 EPS. The company's revenue was up 4.3% on a year-over-year basis. As a group, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.
Bank of America declared that its board has initiated a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.
Bank of America Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is currently 32.75%.
Insider Buying and Selling
In other Bank of America news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
BAC has been the topic of several analyst reports. Royal Bank Of Canada boosted their price target on shares of Bank of America from $53.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, October 1st. Phillip Securities lowered shares of Bank of America from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, July 25th. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a report on Saturday. Finally, UBS Group upped their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a "buy" rating in a report on Tuesday, October 7th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $54.64.
View Our Latest Stock Analysis on Bank of America
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.
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