Vestpro Financial Partners Inc. dba CPF Texas purchased a new stake in shares of Bank of America Corp (NYSE:BAC) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 20,166 shares of the financial services provider’s stock, valued at approximately $568,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Gerber Kawasaki Wealth & Investment Management grew its position in Bank of America by 22.9% in the second quarter. Gerber Kawasaki Wealth & Investment Management now owns 28,695 shares of the financial services provider’s stock worth $811,000 after acquiring an additional 5,350 shares in the last quarter. WESPAC Advisors SoCal LLC grew its position in Bank of America by 48.1% in the second quarter. WESPAC Advisors SoCal LLC now owns 16,425 shares of the financial services provider’s stock worth $463,000 after acquiring an additional 5,331 shares in the last quarter. Financial Counselors Inc. grew its position in Bank of America by 3.6% in the second quarter. Financial Counselors Inc. now owns 109,190 shares of the financial services provider’s stock worth $3,078,000 after acquiring an additional 3,803 shares in the last quarter. Thompson Davis & CO. Inc. grew its position in Bank of America by 16.6% in the second quarter. Thompson Davis & CO. Inc. now owns 22,833 shares of the financial services provider’s stock worth $644,000 after acquiring an additional 3,250 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Bank of America in the second quarter worth $27,826,000. Hedge funds and other institutional investors own 66.88% of the company’s stock.
NYSE BAC opened at $30.68 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.94. Bank of America Corp has a 12-month low of $22.75 and a 12-month high of $33.05. The stock has a market cap of $319.50 billion, a price-to-earnings ratio of 16.77, a price-to-earnings-growth ratio of 1.54 and a beta of 1.29.
Bank of America announced that its board has initiated a stock repurchase plan on Thursday, June 28th that allows the company to buyback $20.60 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.96%. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio is presently 26.23%.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the completion of the sale, the insider now directly owns 483,680 shares in the company, valued at $15,289,124.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.10% of the company’s stock.
BAC has been the subject of several research reports. ValuEngine lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Citigroup upped their target price on shares of Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 24th. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $32.37.
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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