Bank of America Corp (BAC) Holdings Cut by FDx Advisors Inc.
FDx Advisors Inc. decreased its holdings in shares of Bank of America Corp (NYSE:BAC) by 40.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 177,955 shares of the financial services provider’s stock after selling 120,187 shares during the period. FDx Advisors Inc.’s holdings in Bank of America were worth $5,017,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Associated Banc Corp lifted its stake in shares of Bank of America by 9.2% during the 2nd quarter. Associated Banc Corp now owns 328,171 shares of the financial services provider’s stock worth $9,252,000 after purchasing an additional 27,611 shares during the period. Guardian Investment Management lifted its stake in shares of Bank of America by 4.1% during the 2nd quarter. Guardian Investment Management now owns 140,040 shares of the financial services provider’s stock worth $3,967,000 after purchasing an additional 5,493 shares during the period. Sigma Planning Corp lifted its stake in shares of Bank of America by 1.6% during the 2nd quarter. Sigma Planning Corp now owns 198,494 shares of the financial services provider’s stock worth $5,596,000 after purchasing an additional 3,135 shares during the period. Wealthfront Inc. lifted its stake in shares of Bank of America by 5.3% during the 1st quarter. Wealthfront Inc. now owns 503,392 shares of the financial services provider’s stock worth $15,097,000 after purchasing an additional 25,141 shares during the period. Finally, Nwam LLC lifted its stake in shares of Bank of America by 12.3% during the 2nd quarter. Nwam LLC now owns 71,380 shares of the financial services provider’s stock worth $2,012,000 after purchasing an additional 7,836 shares during the period. Institutional investors own 65.10% of the company’s stock.
Shares of Bank of America stock opened at $31.01 on Friday. Bank of America Corp has a fifty-two week low of $22.75 and a fifty-two week high of $33.05. The firm has a market cap of $320.32 billion, a price-to-earnings ratio of 14.21, a price-to-earnings-growth ratio of 1.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 0.91.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Thursday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio is currently 26.23%.
Bank of America declared that its Board of Directors has authorized a stock repurchase program on Thursday, June 28th that permits the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
In related 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 transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.10% of the company’s stock.
Bank of America Profile
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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