Prospera Financial Services Inc decreased its holdings in Bank of America Corp (NYSE:BAC) by 21.7% in the second quarter, HoldingsChannel.com reports. The firm owned 49,325 shares of the financial services provider’s stock after selling 13,682 shares during the quarter. Prospera Financial Services Inc’s holdings in Bank of America were worth $1,229,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Altman Advisors Inc. grew its position in shares of Bank of America by 1.9% in the 1st quarter. Altman Advisors Inc. now owns 72,898 shares of the financial services provider’s stock worth $2,011,000 after buying an additional 1,347 shares during the last quarter. First Command Bank grew its position in shares of Bank of America by 31.4% in the 1st quarter. First Command Bank now owns 21,644 shares of the financial services provider’s stock worth $597,000 after buying an additional 5,173 shares during the last quarter. Bank of Stockton grew its position in shares of Bank of America by 9.1% in the 1st quarter. Bank of Stockton now owns 15,469 shares of the financial services provider’s stock worth $426,000 after buying an additional 1,290 shares during the last quarter. Nwam LLC grew its position in shares of Bank of America by 3.2% in the 1st quarter. Nwam LLC now owns 64,639 shares of the financial services provider’s stock worth $1,783,000 after buying an additional 2,021 shares during the last quarter. Finally, Northpointe Capital LLC grew its position in shares of Bank of America by 4.3% in the 1st quarter. Northpointe Capital LLC now owns 187,659 shares of the financial services provider’s stock worth $5,178,000 after buying an additional 7,683 shares during the last quarter. 68.48% of the stock is owned by institutional investors.
Shares of BAC stock traded down $0.21 during mid-day trading on Tuesday, hitting $29.92. The company’s stock had a trading volume of 1,835,452 shares, compared to its average volume of 53,299,660. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.37. The business has a 50-day moving average price of $28.12 and a 200 day moving average price of $28.72. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market cap of $280.83 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 1.19 and a beta of 1.57.
Bank of America announced that its Board of Directors has approved a stock buyback program on Thursday, June 27th that permits the company to repurchase $30.90 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.18 dividend. The ex-dividend date is Thursday, September 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.41%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is presently 27.59%.
In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.17% of the company’s stock.
BAC has been the topic of a number of recent analyst reports. BMO Capital Markets upgraded 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 report on Monday, June 17th. JPMorgan Chase & Co. cut their price objective 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. Raymond James lowered Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. DZ Bank upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. Finally, ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the stock. Bank of America currently has a consensus rating of “Hold” and an average price target of $32.42.
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.
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