Investors Buy Bank of America (BAC) on Weakness
Investors bought shares of Bank of America Corp (NYSE:BAC) on weakness during trading on Thursday. $231.76 million flowed into the stock on the tick-up and $138.61 million flowed out of the stock on the tick-down, for a money net flow of $93.15 million into the stock. Of all equities tracked, Bank of America had the 7th highest net in-flow for the day. Bank of America traded down ($0.18) for the day and closed at $30.85
The company has a market cap of $316.02 billion, a price-to-earnings ratio of 16.86, a price-to-earnings-growth ratio of 1.53 and a beta of 1.27. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The business had revenue of $22.60 billion during the quarter, compared to the consensus estimate of $22.49 billion. During the same quarter last year, the firm posted $0.46 EPS. Bank of America’s revenue was down .9% compared to the same quarter last year. equities analysts expect that Bank of America Corp will post 2.52 earnings per share for the current year.
Bank of America announced that its board has initiated a stock repurchase plan on Thursday, June 28th that allows the company to repurchase $20.60 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
In related news, insider Catherine P. Bessant sold 15,820 shares of Bank of America stock in a transaction on Thursday, August 9th. The shares were 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 owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of BAC. McKinley Carter Wealth Services Inc. purchased a new position in Bank of America during the 1st quarter worth $105,000. CSat Investment Advisory L.P. purchased a new position in Bank of America during the 2nd quarter worth $103,000. Quad Cities Investment Group LLC purchased a new position in Bank of America during the 2nd quarter worth $112,000. Ballew Advisors Inc purchased a new position in Bank of America during the 1st quarter worth $129,000. Finally, Well Done LLC purchased a new position in Bank of America during the 1st quarter worth $136,000. 65.10% of the stock is owned by institutional investors and hedge funds.
About Bank of America (NYSE:BAC)
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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