Cortland Advisers LLC Has $106.31 Million Stake in Bank of America Corp (BAC)

Cortland Advisers LLC lessened its position in Bank of America Corp (NYSE:BAC) by 6.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 3,771,340 shares of the financial services provider’s stock after selling 265,783 shares during the period. Bank of America accounts for approximately 5.2% of Cortland Advisers LLC’s holdings, making the stock its 8th biggest position. Cortland Advisers LLC’s holdings in Bank of America were worth $106,314,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Janus Henderson Group PLC lifted its stake in shares of Bank of America by 74.9% in the 2nd quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock worth $779,654,000 after acquiring an additional 11,842,467 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Bank of America by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock worth $1,800,203,000 after acquiring an additional 8,925,474 shares during the period. Schroder Investment Management Group lifted its stake in shares of Bank of America by 47.3% in the 1st quarter. Schroder Investment Management Group now owns 18,515,313 shares of the financial services provider’s stock worth $555,274,000 after acquiring an additional 5,946,378 shares during the period. Hexavest Inc. acquired a new stake in shares of Bank of America in the 2nd quarter worth $78,512,000. Finally, Suvretta Capital Management LLC acquired a new stake in shares of Bank of America in the 1st quarter worth $77,254,000. Institutional investors own 65.10% of the company’s stock.

BAC stock opened at $30.37 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.94. Bank of America Corp has a one year low of $24.15 and a one year high of $33.05. The firm has a market capitalization of $311.72 billion, a PE ratio of 13.83, a PEG ratio of 1.51 and a beta of 1.27.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.06. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The firm had revenue of $22.60 billion during the quarter, compared to analysts’ expectations of $22.49 billion. During the same quarter last year, the business earned $0.46 earnings per share. The business’s revenue for the quarter was down .9% compared to the same quarter last year. research 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 approved a stock buyback plan on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 7th will be paid a $0.15 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.60 annualized dividend and a dividend yield of 1.98%. Bank of America’s dividend payout ratio (DPR) is 32.79%.

In related news, insider Catherine P. Bessant sold 15,820 shares of the firm’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the completion of the sale, the insider now owns 483,680 shares in the company, valued at $15,289,124.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is owned by company insiders.

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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