Advisors Asset Management Inc. Sells 161,387 Shares of Bank of America Corp (BAC)

Advisors Asset Management Inc. cut its position in shares of Bank of America Corp (NYSE:BAC) by 97.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,000 shares of the financial services provider’s stock after selling 161,387 shares during the quarter. Advisors Asset Management Inc.’s holdings in Bank of America were worth $7,289,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in BAC. Janus Henderson Group PLC increased its position in shares of Bank of America by 74.9% during the 2nd quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock valued at $779,654,000 after purchasing an additional 11,842,467 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Bank of America by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock valued at $1,800,203,000 after purchasing an additional 8,925,474 shares during the last quarter. Natixis increased its position in shares of Bank of America by 256.8% during the 2nd quarter. Natixis now owns 8,614,786 shares of the financial services provider’s stock valued at $242,851,000 after purchasing an additional 6,200,655 shares during the last quarter. Schroder Investment Management Group increased its position in shares of Bank of America by 47.3% during the 1st quarter. Schroder Investment Management Group now owns 18,515,313 shares of the financial services provider’s stock valued at $555,274,000 after purchasing an additional 5,946,378 shares during the last quarter. Finally, Hexavest Inc. bought a new position in shares of Bank of America during the 2nd quarter valued at about $78,512,000. Hedge funds and other institutional investors own 65.04% of the company’s stock.

Shares of Bank of America stock opened at $30.74 on Tuesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 0.91. The stock has a market cap of $317.86 billion, a PE ratio of 16.81, a PEG 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.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. The firm 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%. The company’s revenue was down .9% on a year-over-year basis. During the same period in the prior year, the company earned $0.46 EPS. research analysts forecast that Bank of America Corp will post 2.52 EPS for the current year.

Bank of America declared that its board has initiated a stock repurchase program on Thursday, June 28th that authorizes the company to buyback $20.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 1.95%. Bank of America’s dividend payout ratio is 32.79%.

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

Read More: Fundamental Analysis

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

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