Second Curve Capital LLC lowered its holdings in Bank of America Corp (NYSE:BAC) by 72.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,000 shares of the financial services provider’s stock after selling 56,786 shares during the quarter. Bank of America accounts for about 0.4% of Second Curve Capital LLC’s investment portfolio, making the stock its 20th biggest position. Second Curve Capital LLC’s holdings in Bank of America were worth $638,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Daily Journal Corp increased its stake in Bank of America by 9,900.0% in the second quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after acquiring an additional 227,700,000 shares during the period. Great West Life Assurance Co. Can bought a new stake in Bank of America in the second quarter valued at about $239,996,000. APG Asset Management N.V. increased its stake in Bank of America by 15.4% in the second quarter. APG Asset Management N.V. now owns 27,064,355 shares of the financial services provider’s stock valued at $689,205,000 after acquiring an additional 3,609,300 shares during the period. Schafer Cullen Capital Management Inc bought a new stake in Bank of America in the second quarter valued at about $102,186,000. Finally, Thoroughbred Financial Services LLC boosted its position in Bank of America by 2,897.0% in the second quarter. Thoroughbred Financial Services LLC now owns 3,420,637 shares of the financial services provider’s stock valued at $342,064,000 after buying an additional 3,306,502 shares in the last quarter. 68.48% of the stock is currently owned by institutional investors and hedge funds.
Shares of BAC stock traded down $0.17 during trading hours on Tuesday, reaching $29.96. 2,174,524 shares of the company were exchanged, compared to its average volume of 53,299,660. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $31.37. The stock’s fifty day moving average is $28.12 and its two-hundred day moving average is $28.72. The company has a market cap of $280.83 billion, a price-to-earnings ratio of 11.48, a P/E/G ratio of 1.19 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.40%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. Bank of America’s dividend payout ratio is presently 27.59%.
Bank of America announced that its board has authorized a share buyback program on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
A number of research firms have commented on BAC. Keefe, Bruyette & Woods lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $36.00 to $29.00 in a research report on Thursday, September 5th. JPMorgan Chase & Co. reduced their price target on shares of 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. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a research report on Wednesday, July 10th. Finally, DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the stock. Bank of America presently has a consensus rating of “Hold” and an average price target of $32.42.
In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.
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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