Vigilant Capital Management LLC grew its position in shares of Bank of America Corp (NYSE:BAC) by 4,201.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,842 shares of the financial services provider’s stock after purchasing an additional 70,172 shares during the period. Vigilant Capital Management LLC’s holdings in Bank of America were worth $2,116,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of the company. CSat Investment Advisory L.P. purchased a new position in Bank of America in the second quarter worth about $103,000. McKinley Carter Wealth Services Inc. purchased a new position in Bank of America in the first quarter worth about $105,000. Cardinal Capital Management Inc. purchased a new position in Bank of America in the third quarter worth about $106,000. Quad Cities Investment Group LLC purchased a new position in Bank of America in the second quarter worth about $112,000. Finally, Whitnell & Co. purchased a new position in Bank of America in the second quarter worth about $134,000. Hedge funds and other institutional investors own 65.08% of the company’s stock.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the business’s 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 transaction, 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 this link. 0.10% of the stock is owned by insiders.
Shares of NYSE:BAC opened at $28.46 on Friday. Bank of America Corp has a 1 year low of $25.12 and a 1 year high of $33.05. The company has a market cap of $301.78 billion, a price-to-earnings ratio of 15.55, 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 announced its earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 business had revenue of $22.60 billion during the quarter, compared to analyst estimates of $22.49 billion. During the same quarter in the previous year, the business earned $0.46 earnings per share. The company’s revenue for the quarter was down .9% compared to the same quarter last year. Analysts anticipate that Bank of America Corp will post 2.52 EPS for the current fiscal year.
Bank of America declared that its Board of Directors has initiated a stock buyback plan on Thursday, June 28th that allows the company to buyback $20.60 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 7th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Thursday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s payout ratio is 32.79%.
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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