Bank of America Corp (BAC) Stake Lessened by Castleark Management LLC

Castleark Management LLC decreased its holdings in Bank of America Corp (NYSE:BAC) by 50.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 242,900 shares of the financial services provider’s stock after selling 242,900 shares during the period. Castleark Management LLC’s holdings in Bank of America were worth $6,847,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Bartlett & Co. LLC lifted its holdings in Bank of America by 35.8% during the 2nd quarter. Bartlett & Co. LLC now owns 6,146 shares of the financial services provider’s stock worth $173,000 after buying an additional 1,621 shares during the period. Brinker Capital Inc. lifted its holdings in Bank of America by 3.5% during the 1st quarter. Brinker Capital Inc. now owns 48,885 shares of the financial services provider’s stock worth $1,466,000 after buying an additional 1,653 shares during the period. RNC Capital Management LLC lifted its holdings in Bank of America by 4.6% during the 2nd quarter. RNC Capital Management LLC now owns 38,237 shares of the financial services provider’s stock worth $1,078,000 after buying an additional 1,690 shares during the period. Summit X LLC lifted its holdings in Bank of America by 17.4% during the 1st quarter. Summit X LLC now owns 11,414 shares of the financial services provider’s stock worth $341,000 after buying an additional 1,695 shares during the period. Finally, Breiter Capital Management Inc. lifted its holdings in Bank of America by 18.7% during the 1st quarter. Breiter Capital Management Inc. now owns 10,794 shares of the financial services provider’s stock worth $324,000 after buying an additional 1,700 shares during the period. Institutional investors own 65.05% of the company’s stock.

Shares of BAC opened at $31.03 on Monday. The stock has a market cap of $317.86 billion, a price-to-earnings ratio of 16.96, a P/E/G ratio of 1.54 and a beta of 1.27. Bank of America Corp has a 12 month low of $24.58 and a 12 month high of $33.05. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last announced its earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.06. The firm had revenue of $22.60 billion for the quarter, compared to the consensus estimate of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.46 EPS. equities research analysts forecast that Bank of America Corp will post 2.52 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a yield of 1.93%. Bank of America’s payout ratio is presently 32.79%.

Bank of America declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 28th that allows the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In other news, insider Catherine P. Bessant sold 15,820 shares of the business’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is currently owned by insiders.

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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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