Edgestream Partners L.P. acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 6,453 shares of the financial services provider’s stock, valued at approximately $257,000.
Several other large investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. Parnassus Investments LLC increased its stake in Bank of America by 7.8% during the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after purchasing an additional 2,935,040 shares in the last quarter. Capital World Investors increased its stake in Bank of America by 0.4% during the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after purchasing an additional 165,070 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in Bank of America by 17.1% during the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after purchasing an additional 5,488,790 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.
Insider Transactions at Bank of America
In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,780,724 shares of company stock valued at $5,342,589,705. Corporate insiders own 0.29% of the company’s stock.
Wall Street Analyst Weigh In
Check Out Our Latest Research Report on Bank of America
Bank of America Stock Performance
BAC opened at $39.88 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $311.88 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 1.40 and a beta of 1.33. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The firm’s fifty day simple moving average is $39.94 and its two-hundred day simple moving average is $38.94.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.88 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.
Bank of America announced that its board has initiated a stock buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Bank of America Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.61%. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.
Bank of America Company 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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