Gradient Investments LLC raised its holdings in Bank of America Corp (NYSE:BAC) by 5,198.7% during the third quarter, Holdings Channel reports. The institutional investor owned 307,218 shares of the financial services provider’s stock after acquiring an additional 301,420 shares during the period. Gradient Investments LLC’s holdings in Bank of America were worth $9,051,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. CSat Investment Advisory L.P. acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $103,000. McKinley Carter Wealth Services Inc. acquired a new stake in shares of Bank of America during the 1st quarter worth approximately $105,000. Cardinal Capital Management Inc. acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $106,000. Quad Cities Investment Group LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $112,000. Finally, Whitnell & Co. acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $134,000. 65.08% of the stock is currently owned by hedge funds and other institutional investors.
Shares of BAC stock opened at $28.46 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $301.78 billion, a P/E ratio of 15.55, a P/E/G ratio of 1.46 and a beta of 1.30. Bank of America Corp has a one year low of $25.12 and a one year high of $33.05.
Bank of America (NYSE:BAC) last announced its quarterly earnings results 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. The business had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. Bank of America’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.46 EPS. Research analysts expect that Bank of America Corp will post 2.52 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 28th. Investors 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. The ex-dividend date of this dividend was Thursday, September 6th. This represents a $0.60 annualized dividend and a yield of 2.11%. Bank of America’s payout ratio is currently 32.79%.
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 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Separately, Wolfe Research began coverage on Bank of America in a report on Tuesday, September 25th. They set an “outperform” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $33.35.
In related news, insider Catherine P. Bessant sold 15,820 shares of the business’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the sale, the insider now owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.10% of the stock is owned by insiders.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
See Also: What is a Call Option?
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.