Proffitt & Goodson Inc. Decreases Stake in Bank of America Corporation (BAC)
Proffitt & Goodson Inc. decreased its stake in Bank of America Corporation (NYSE:BAC) by 10.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 79,052 shares of the financial services provider’s stock after selling 9,490 shares during the period. Bank of America Corporation comprises 0.9% of Proffitt & Goodson Inc.’s holdings, making the stock its 15th largest position. Proffitt & Goodson Inc.’s holdings in Bank of America Corporation were worth $1,865,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Boston Partners increased its position in Bank of America Corporation by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock valued at $1,778,802,000 after buying an additional 368,898 shares during the period. Russell Investments Group Ltd. increased its position in Bank of America Corporation by 0.5% in the first quarter. Russell Investments Group Ltd. now owns 20,358,170 shares of the financial services provider’s stock valued at $480,416,000 after buying an additional 101,657 shares during the period. Rhumbline Advisers increased its position in Bank of America Corporation by 2.5% in the first quarter. Rhumbline Advisers now owns 17,373,765 shares of the financial services provider’s stock valued at $409,847,000 after buying an additional 419,734 shares during the period. State of Wisconsin Investment Board increased its position in Bank of America Corporation by 13.5% in the first quarter. State of Wisconsin Investment Board now owns 11,302,004 shares of the financial services provider’s stock valued at $266,614,000 after buying an additional 1,341,150 shares during the period. Finally, Strs Ohio increased its position in Bank of America Corporation by 4.2% in the first quarter. Strs Ohio now owns 9,015,821 shares of the financial services provider’s stock valued at $212,683,000 after buying an additional 360,441 shares during the period. 65.99% of the stock is owned by institutional investors and hedge funds.
Bank of America Corporation (BAC) remained flat at $23.84 during trading on Friday. The company had a trading volume of 15,173,362 shares. The stock’s 50-day moving average is $24.25 and its 200-day moving average is $23.84. Bank of America Corporation has a 1-year low of $14.81 and a 1-year high of $25.80. The company has a market capitalization of $250.71 billion, a price-to-earnings ratio of 14.20 and a beta of 1.27.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 earnings per share. Equities analysts anticipate that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a $0.12 dividend. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 2.01%. Bank of America Corporation’s dividend payout ratio is currently 17.86%.
Bank of America Corporation announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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Several research analysts have recently issued reports on BAC shares. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. CIBC reaffirmed an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 11th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 4th. Vetr downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price target for the company. in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a research note on Friday, August 11th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $24.01.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.18% of the stock is owned by corporate insiders.
About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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