We Are One Seven LLC bought a new stake in Bank of America Corp (NYSE:BAC) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 90,801 shares of the financial services provider’s stock, valued at approximately $2,675,000. Bank of America makes up approximately 1.3% of We Are One Seven LLC’s investment portfolio, making the stock its 13th largest position.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP raised 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 acquiring an additional 8,925,474 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Bank of America by 1.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 44,255,820 shares of the financial services provider’s stock valued at $1,327,233,000 after acquiring an additional 452,837 shares in the last quarter. Lansdowne Partners UK LLP raised its position in shares of Bank of America by 3.0% during the 2nd quarter. Lansdowne Partners UK LLP now owns 32,953,489 shares of the financial services provider’s stock valued at $928,965,000 after acquiring an additional 954,047 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Bank of America by 7.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 31,597,712 shares of the financial services provider’s stock valued at $890,740,000 after acquiring an additional 2,057,669 shares in the last quarter. Finally, Janus Henderson Group PLC raised 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 acquiring an additional 11,842,467 shares in the last quarter. 65.08% of the stock is currently owned by institutional investors.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction 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 sale, the insider now directly owns 483,680 shares of the company’s stock, valued at $15,289,124.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is owned by company insiders.
NYSE BAC traded down $0.15 during trading hours on Tuesday, hitting $30.12. The company had a trading volume of 1,088,561 shares, compared to its average volume of 65,109,066. Bank of America Corp has a fifty-two week low of $25.12 and a fifty-two week high of $33.05. 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 firm has a market capitalization of $301.78 billion, a PE ratio of 16.38, a P/E/G ratio of 1.46 and a beta of 1.30.
Bank of America (NYSE:BAC) last issued its earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.06. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The firm had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. During the same period last year, the company earned $0.46 earnings per share. The firm’s revenue for the quarter was down .9% on a year-over-year basis. Equities research analysts expect that Bank of America Corp will post 2.52 earnings per share for the current fiscal year.
Bank of America declared that its board has initiated a stock buyback program on Thursday, June 28th that allows the company to repurchase $20.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 7th were given a $0.15 dividend. The ex-dividend date of this dividend was 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 yield of 1.99%. Bank of America’s dividend payout ratio (DPR) is currently 32.79%.
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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