Newport Wealth Strategies Inc. trimmed its holdings in Bank of America Corp (NYSE:BAC) by 20.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 18,577 shares of the financial services provider’s stock after selling 4,712 shares during the period. Newport Wealth Strategies Inc.’s holdings in Bank of America were worth $542,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Salomon & Ludwin LLC grew its stake in Bank of America by 120.6% in the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 814 shares in the last quarter. WealthStone Inc. bought a new position in Bank of America in the second quarter worth approximately $49,000. Ellevest Inc. bought a new position in Bank of America in the second quarter worth approximately $60,000. Personal Wealth Partners bought a new position in Bank of America in the second quarter worth approximately $68,000. Finally, CX Institutional grew its stake in Bank of America by 135.8% in the second quarter. CX Institutional now owns 2,391 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,377 shares in the last quarter. 68.48% of the stock is currently owned by institutional investors.
In related news, major shareholder Of America Corp /De/ Bank bought 5,370 shares of the company’s stock in a transaction on Monday, August 26th. The shares were acquired at an average price of $11.83 per share, with a total value of $63,527.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.17% of the stock is currently owned by company insiders.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.04. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.63 EPS. On average, research analysts predict that Bank of America Corp will post 2.75 earnings per share for the current year.
Bank of America announced that its Board of Directors has approved a stock repurchase plan on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend was Thursday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is 27.59%.
BAC has been the topic of several research analyst reports. DZ Bank raised Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective on the stock. in a research note on Wednesday, July 10th. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective on the stock in a research note on Monday, June 17th. JPMorgan Chase & Co. dropped their target price on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. Finally, ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $32.29.
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.
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