Two Sigma Securities LLC Sells 389,470 Shares of Bank of America Corporation (BAC)
Two Sigma Securities LLC lowered its stake in Bank of America Corporation (NYSE:BAC) by 89.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 46,297 shares of the financial services provider’s stock after selling 389,470 shares during the period. Two Sigma Securities LLC’s holdings in Bank of America Corporation were worth $1,092,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of BAC. River & Mercantile Asset Management LLP acquired a new position in Bank of America Corporation during the fourth quarter valued at about $9,686,000. Lincoln Capital Corp acquired a new position in Bank of America Corporation during the fourth quarter valued at about $819,000. Lincluden Management Ltd. boosted its position in Bank of America Corporation by 8.1% in the fourth quarter. Lincluden Management Ltd. now owns 457,961 shares of the financial services provider’s stock valued at $10,121,000 after buying an additional 34,287 shares in the last quarter. Ibex Wealth Advisors boosted its position in Bank of America Corporation by 324.3% in the fourth quarter. Ibex Wealth Advisors now owns 48,413 shares of the financial services provider’s stock valued at $1,096,000 after buying an additional 37,004 shares in the last quarter. Finally, Pekin Singer Strauss Asset Management IL boosted its position in Bank of America Corporation by 6.5% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 24,640 shares of the financial services provider’s stock valued at $545,000 after buying an additional 1,500 shares in the last quarter. Institutional investors own 66.42% of the company’s stock.
Shares of Bank of America Corporation (BAC) traded down 0.692% during trading on Friday, hitting $23.953. The stock had a trading volume of 25,961,827 shares. Bank of America Corporation has a one year low of $14.70 and a one year high of $25.80. The stock has a market cap of $251.90 billion, a price-to-earnings ratio of 14.266 and a beta of 1.27. The stock’s 50-day moving average price is $24.23 and its 200 day moving average price is $23.78.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same period in the prior year, the firm earned $0.41 earnings per share. Bank of America Corporation’s revenue was up 7.1% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post $1.82 EPS for the current year.
Bank of America Corporation declared that its Board of Directors has initiated a share 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 purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
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. The ex-dividend date of this dividend is Wednesday, August 30th. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 1.99%. Bank of America Corporation’s dividend payout ratio (DPR) is presently 17.86%.
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BAC has been the subject of several analyst reports. Nomura reaffirmed a “buy” rating on shares of Bank of America Corporation in a research report on Wednesday, April 19th. Vining Sparks raised Bank of America Corporation to a “strong-buy” rating and set a $28.00 price objective for the company in a research report on Wednesday, April 19th. Barclays PLC reaffirmed an “equal weight” rating and set a $28.00 price objective (up from $26.00) on shares of Bank of America Corporation in a research report on Saturday, April 22nd. Berenberg Bank cut Bank of America Corporation from a “buy” rating to a “hold” rating and upped their price objective for the stock from $15.00 to $22.00 in a research report on Monday, April 24th. Finally, Zacks Investment Research cut Bank of America Corporation from a “buy” rating to a “hold” rating in a research report on Monday, April 24th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $23.94.
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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