Mainstay Capital Management LLC ADV raised its position in shares of Bank of America Corp (NYSE:BAC) by 2,968.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,496 shares of the financial services provider’s stock after acquiring an additional 86,579 shares during the quarter. Mainstay Capital Management LLC ADV’s holdings in Bank of America were worth $3,165,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. McKinley Carter Wealth Services Inc. bought a new position in shares of Bank of America during the 1st quarter worth about $105,000. CSat Investment Advisory L.P. bought a new position in shares of Bank of America during the 2nd quarter worth about $103,000. Quad Cities Investment Group LLC bought a new position in shares of Bank of America during the 2nd quarter worth about $112,000. Well Done LLC bought a new position in shares of Bank of America during the 1st quarter worth about $136,000. Finally, WealthTrust Fairport LLC bought a new position in shares of Bank of America during the 1st quarter worth about $141,000. 65.04% of the stock is currently owned by institutional investors and hedge funds.
BAC opened at $30.13 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. Bank of America Corp has a fifty-two week low of $25.12 and a fifty-two week high of $33.05. The stock has a market capitalization of $314.17 billion, a P/E ratio of 13.94, a price-to-earnings-growth ratio of 1.52 and a beta of 1.27.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 7th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.99%. 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. Bank of America’s dividend payout ratio is currently 32.79%.
Bank of America announced that its board has approved a stock buyback plan on Thursday, June 28th that permits the company to repurchase $20.60 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Separately, Wolfe Research initiated coverage on shares of Bank of America in a research report on Tuesday. They set an “outperform” rating on the stock. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $32.80.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the completion of the sale, the insider now owns 483,680 shares in the company, valued at approximately $15,289,124.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.10% of the company’s stock.
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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