World Asset Management Inc Has $21.61 Million Position in Bank of America Corporation (BAC)
World Asset Management Inc cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 14.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 890,898 shares of the financial services provider’s stock after selling 144,943 shares during the period. Bank of America Corporation comprises about 0.7% of World Asset Management Inc’s investment portfolio, making the stock its 14th biggest position. World Asset Management Inc’s holdings in Bank of America Corporation were worth $21,613,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Northwest Investment Counselors LLC bought a new stake in Bank of America Corporation during the 2nd quarter valued at approximately $100,000. Armbruster Capital Management Inc. lifted its holdings in Bank of America Corporation by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 423 shares in the last quarter. Tarbox Family Office Inc. lifted its holdings in Bank of America Corporation by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after purchasing an additional 21 shares in the last quarter. Lenox Wealth Advisors Inc. purchased a new position in Bank of America Corporation in the 2nd quarter worth approximately $144,000. Finally, Jacobi Capital Management LLC lifted its holdings in Bank of America Corporation by 21.0% in the 1st quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,101 shares in the last quarter. Institutional investors own 61.64% of the company’s stock.
In related news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.18% of the company’s stock.
Bank of America Corporation (NYSE BAC) opened at 25.86 on Wednesday. Bank of America Corporation has a one year low of $15.60 and a one year high of $25.93. The firm has a 50-day moving average of $24.24 and a 200-day moving average of $23.79. The company has a market capitalization of $271.96 billion, a P/E ratio of 15.40 and a beta of 1.25.
Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 EPS. On average, analysts anticipate that Bank of America Corporation will post $1.81 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend was Wednesday, August 30th. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is currently 28.57%.
Bank of America Corporation announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of brokerages have issued reports on BAC. Vetr lowered shares of Bank of America Corporation from a “hold” rating to a “sell” rating and set a $25.08 price objective for the company. in a report on Wednesday. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $30.00 price objective (up previously from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Robert W. Baird reissued a “hold” rating and issued a $24.00 target price on shares of Bank of America Corporation in a report on Sunday. Finally, UBS AG restated a “neutral” rating and set a $26.00 target price on shares of Bank of America Corporation in a research report on Friday, July 21st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $24.90.
Bank of America Corporation Company Profile
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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