NEXT Financial Group Inc cut its stake in shares of Bank of America Corp (NYSE:BAC) by 16.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,059 shares of the financial services provider’s stock after selling 9,375 shares during the period. Bank of America accounts for about 0.6% of NEXT Financial Group Inc’s investment portfolio, making the stock its 28th biggest holding. NEXT Financial Group Inc’s holdings in Bank of America were worth $1,386,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. CSat Investment Advisory L.P. acquired a new position in Bank of America during the second quarter valued at approximately $103,000. McKinley Carter Wealth Services Inc. acquired a new position in Bank of America during the first quarter valued at approximately $105,000. Cardinal Capital Management Inc. acquired a new position in Bank of America during the third quarter valued at approximately $106,000. Quad Cities Investment Group LLC acquired a new stake in shares of Bank of America in the second quarter valued at approximately $112,000. Finally, Whitnell & Co. acquired a new stake in shares of Bank of America in the second quarter valued at approximately $134,000. 65.08% of the stock is owned by hedge funds and other institutional investors.
Separately, Wolfe Research began coverage on Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating for the company. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $33.35.
BAC opened at $29.24 on Thursday. Bank of America Corp has a 12-month low of $25.12 and a 12-month high of $33.05. The company has a market capitalization of $301.78 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 1.46 and a beta of 1.30. 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 (NYSE:BAC) last released its quarterly earnings data on Monday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.06. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The company had revenue of $22.60 billion during the quarter, compared to analysts’ expectations of $22.49 billion. During the same period last year, the firm posted $0.46 earnings per share. The business’s revenue was down .9% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Corp will post 2.52 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 7th were issued a dividend of $0.15 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a yield of 2.05%. The ex-dividend date was Thursday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 32.79%.
Bank of America announced that its board has authorized a stock buyback program on Thursday, June 28th that permits the company to buyback $20.60 billion in shares. This buyback authorization permits the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
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 stock was sold at an average price of $31.61, for a total transaction of $500,070.20. Following the completion of the sale, the insider now directly 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 SEC, which is accessible through the SEC website. Company insiders own 0.10% 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
Recommended Story: Investing in Dividend Stocks
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.