Bank of America Corp (BAC) Stake Lifted by Dimensional Fund Advisors LP
Dimensional Fund Advisors LP increased its holdings in shares of Bank of America Corp (NYSE:BAC) by 16.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,851,681 shares of the financial services provider’s stock after buying an additional 8,925,474 shares during the period. Bank of America comprises approximately 0.7% of Dimensional Fund Advisors LP’s investment portfolio, making the stock its 10th largest holding. Dimensional Fund Advisors LP owned approximately 0.62% of Bank of America worth $1,800,203,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the business. FSI Group LLC increased its stake in shares of Bank of America by 45.2% in the 1st quarter. FSI Group LLC now owns 298,840 shares of the financial services provider’s stock worth $8,962,000 after acquiring an additional 92,999 shares during the last quarter. Allen Capital Group LLC increased its stake in shares of Bank of America by 25.9% in the 1st quarter. Allen Capital Group LLC now owns 29,099 shares of the financial services provider’s stock worth $873,000 after acquiring an additional 5,991 shares during the last quarter. Checchi Capital Advisers LLC increased its stake in shares of Bank of America by 6.8% in the 1st quarter. Checchi Capital Advisers LLC now owns 91,918 shares of the financial services provider’s stock worth $2,757,000 after acquiring an additional 5,841 shares during the last quarter. MUFG Securities EMEA plc increased its stake in shares of Bank of America by 509.8% in the 1st quarter. MUFG Securities EMEA plc now owns 2,988,000 shares of the financial services provider’s stock worth $89,610,000 after acquiring an additional 2,498,000 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Bank of America by 2.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 29,540,043 shares of the financial services provider’s stock worth $885,906,000 after acquiring an additional 649,550 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.
Shares of BAC opened at $30.86 on Friday. Bank of America Corp has a 52-week low of $22.85 and a 52-week high of $33.05. The firm has a market capitalization of $316.02 billion, a price-to-earnings ratio of 14.02, a P/E/G ratio of 1.53 and a beta of 1.27. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.91 and a quick ratio of 0.90.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.94%. Bank of America’s dividend payout ratio (DPR) is 32.79%.
Bank of America announced that its Board of Directors has initiated a share repurchase program on Thursday, June 28th that allows the company to buyback $20.60 billion in shares. This buyback authorization allows the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the firm’s 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 completion of the sale, 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 can be accessed through this hyperlink. 0.10% of the stock is owned by company insiders.
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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