Boston Partners lowered its holdings in Bank of America Corp (NYSE:BAC) by 0.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 67,054,740 shares of the financial services provider’s stock after selling 577,794 shares during the quarter. Bank of America accounts for about 2.3% of Boston Partners’ holdings, making the stock its biggest position. Boston Partners’ holdings in Bank of America were worth $1,890,273,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in the business. Alphinity Investment Management Pty Ltd acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $8,284,000. MML Investors Services LLC grew its position in shares of Bank of America by 3.9% in the fourth quarter. MML Investors Services LLC now owns 359,735 shares of the financial services provider’s stock valued at $10,619,000 after purchasing an additional 13,669 shares during the last quarter. Annex Advisory Services LLC grew its position in shares of Bank of America by 9.9% in the fourth quarter. Annex Advisory Services LLC now owns 52,153 shares of the financial services provider’s stock valued at $1,540,000 after purchasing an additional 4,696 shares during the last quarter. ETRADE Capital Management LLC grew its position in shares of Bank of America by 25.4% in the fourth quarter. ETRADE Capital Management LLC now owns 133,688 shares of the financial services provider’s stock valued at $3,947,000 after purchasing an additional 27,072 shares during the last quarter. Finally, Truewealth LLC acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $947,000. 66.88% of the stock is owned by institutional investors.
Shares of BAC stock opened at $30.72 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market capitalization of $319.50 billion, a P/E ratio of 16.79, a P/E/G ratio of 1.54 and a beta of 1.29. Bank of America Corp has a 1 year low of $22.75 and a 1 year high of $33.05.
Bank of America announced that its board has authorized a stock repurchase program 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 programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 7th will be paid a $0.15 dividend. This is a boost 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 payout ratio is 26.23%.
In related news, insider Catherine P. Bessant sold 15,820 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The stock was 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 directly owns 483,680 shares in the company, valued at $15,289,124.80. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.10% of the company’s stock.
Separately, Citigroup upped their target price on Bank of America from $32.00 to $34.00 and gave the company 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 given a buy rating to the company. Bank of America presently has an average rating of “Buy” and an average price target of $32.37.
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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