Regent Investment Management LLC increased its holdings in shares of Bank of America Corp (NYSE:BAC) by 2.6% during the third quarter, Holdings Channel reports. The fund owned 159,063 shares of the financial services provider’s stock after purchasing an additional 4,015 shares during the period. Bank of America makes up about 1.5% of Regent Investment Management LLC’s portfolio, making the stock its 13th biggest position. Regent Investment Management LLC’s holdings in Bank of America were worth $4,640,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Daily Journal Corp boosted its position in Bank of America by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after buying an additional 227,700,000 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Bank of America by 35.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock valued at $2,165,116,000 after buying an additional 19,688,816 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Bank of America by 1,905.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock valued at $1,741,604,000 after buying an additional 57,060,331 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Bank of America by 2.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 40,115,997 shares of the financial services provider’s stock valued at $1,163,364,000 after buying an additional 773,712 shares during the last quarter. Finally, Primecap Management Co. CA boosted its position in shares of Bank of America by 1.6% in the 2nd quarter. Primecap Management Co. CA now owns 36,402,261 shares of the financial services provider’s stock worth $1,055,666,000 after purchasing an additional 573,200 shares during the last quarter. Institutional investors and hedge funds own 68.52% of the company’s stock.
In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.17% of the company’s stock.
Bank of America stock traded up $0.19 during mid-day trading on Friday, hitting $30.45. 29,257,614 shares of the company’s stock were exchanged, compared to its average volume of 56,162,424. The firm has a market capitalization of $283.44 billion, a P/E ratio of 11.67, a PEG ratio of 1.17 and a beta of 1.60. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $31.17. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The company’s 50 day simple moving average is $28.78 and its 200-day simple moving average is $28.79.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.07. The business had revenue of $22.96 billion for the quarter, compared to the consensus estimate of $22.73 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The firm’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 EPS. Research analysts expect that Bank of America Corp will post 2.82 EPS for the current year.
Bank of America announced that its board has initiated a stock buyback plan on Thursday, June 27th that permits the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend was Thursday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
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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