Bridgewater Associates LP lessened its holdings in Bank of America Corp (NYSE:BAC) by 83.7% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,914 shares of the financial services provider’s stock after selling 50,885 shares during the period. Bridgewater Associates LP’s holdings in Bank of America were worth $279,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. McKinley Carter Wealth Services Inc. bought a new stake in shares of Bank of America in the 1st quarter worth approximately $105,000. Quad Cities Investment Group LLC bought a new stake in shares of Bank of America in the 2nd quarter worth approximately $112,000. Ballew Advisors Inc bought a new stake in shares of Bank of America in the 1st quarter worth approximately $129,000. Whitnell & Co. bought a new stake in shares of Bank of America in the 2nd quarter worth approximately $134,000. Finally, Well Done LLC bought a new stake in shares of Bank of America in the 1st quarter worth approximately $136,000. Hedge funds and other institutional investors own 65.10% of the company’s stock.
NYSE:BAC opened at $30.37 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $311.72 billion, a P/E ratio of 16.60, a P/E/G ratio of 1.51 and a beta of 1.27. Bank of America Corp has a 12 month low of $24.15 and a 12 month high of $33.05.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $22.60 billion for the quarter, compared to analysts’ expectations of $22.49 billion. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. Bank of America’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 EPS. sell-side analysts expect that Bank of America Corp will post 2.52 EPS for the current year.
Bank of America announced that its Board of Directors has initiated a share repurchase plan on Thursday, June 28th that allows the company to buyback $20.60 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 7th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s payout ratio is 32.79%.
In related 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 value of $500,070.20. Following the sale, the insider now owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.10% of the company’s stock.
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.
Read More: Marijuana Stocks Investing Considerations
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.