BLB&B Advisors LLC lessened its holdings in shares of Bank of America Corp (NYSE:BAC) by 16.2% in the third quarter, Holdings Channel reports. The institutional investor owned 70,645 shares of the financial services provider’s stock after selling 13,661 shares during the quarter. BLB&B Advisors LLC’s holdings in Bank of America were worth $2,081,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also made changes to their positions in BAC. CSat Investment Advisory L.P. bought a new stake in shares of Bank of America during the 2nd quarter valued at about $103,000. McKinley Carter Wealth Services Inc. bought a new position in Bank of America in the 1st quarter worth about $105,000. Cardinal Capital Management Inc. bought a new position in Bank of America in the 3rd quarter worth about $106,000. Quad Cities Investment Group LLC bought a new position in Bank of America in the 2nd quarter worth about $112,000. Finally, Whitnell & Co. bought a new position in Bank of America in the 2nd quarter worth about $134,000. 65.08% of the stock is owned by institutional investors and hedge funds.
Separately, Wolfe Research started coverage on shares of Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating for the company. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $33.35.
NYSE BAC opened at $28.46 on Friday. Bank of America Corp has a 52 week low of $25.12 and a 52 week high of $33.05. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $301.78 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 1.46 and a beta of 1.30.
Bank of America (NYSE:BAC) last posted its earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, topping the 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 in the prior year, the firm earned $0.46 EPS. Bank of America’s quarterly revenue was down .9% on a year-over-year basis. As a group, equities analysts expect that Bank of America Corp will post 2.52 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 7th were paid a $0.15 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend was Thursday, September 6th. Bank of America’s dividend payout ratio is currently 32.79%.
Bank of America announced that its Board of Directors has authorized a share repurchase program on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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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