Tibra Equities Europe Ltd purchased a new position in shares of Bank of America Corp (NYSE:BAC) during the 2nd quarter, Holdings Channel reports. The fund purchased 276,979 shares of the financial services provider’s stock, valued at approximately $7,808,000. Bank of America comprises 1.2% of Tibra Equities Europe Ltd’s holdings, making the stock its 21st biggest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Bartlett & Co. LLC raised its holdings in shares of Bank of America by 35.8% during the 2nd quarter. Bartlett & Co. LLC now owns 6,146 shares of the financial services provider’s stock worth $173,000 after acquiring an additional 1,621 shares during the period. Brinker Capital Inc. increased its position in shares of Bank of America by 3.5% during the 1st quarter. Brinker Capital Inc. now owns 48,885 shares of the financial services provider’s stock worth $1,466,000 after purchasing an additional 1,653 shares during the last quarter. RNC Capital Management LLC increased its position in shares of Bank of America by 4.6% during the 2nd quarter. RNC Capital Management LLC now owns 38,237 shares of the financial services provider’s stock worth $1,078,000 after purchasing an additional 1,690 shares during the last quarter. Summit X LLC increased its position in shares of Bank of America by 17.4% during the 1st quarter. Summit X LLC now owns 11,414 shares of the financial services provider’s stock worth $341,000 after purchasing an additional 1,695 shares during the last quarter. Finally, Breiter Capital Management Inc. increased its position in shares of Bank of America by 18.7% during the 1st quarter. Breiter Capital Management Inc. now owns 10,794 shares of the financial services provider’s stock worth $324,000 after purchasing an additional 1,700 shares during the last quarter. Institutional investors and hedge funds own 65.10% of the company’s stock.

Shares of NYSE:BAC opened at $30.85 on Friday. 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 stock has a market cap of $319.40 billion, a P/E ratio of 16.86, a price-to-earnings-growth ratio of 1.55 and a beta of 1.27. Bank of America Corp has a 12-month low of $22.75 and a 12-month high of $33.05.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The firm had revenue of $22.60 billion during the quarter, compared to the consensus estimate of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The company’s quarterly revenue was down .9% on a year-over-year basis. During the same period last year, the company earned $0.46 EPS. sell-side analysts forecast that Bank of America Corp will post 2.52 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 7th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.94%. This is an increase from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 26.23%.

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 related news, insider Catherine P. Bessant sold 15,820 shares of the firm’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $31.61, for a total transaction 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 the SEC website. 0.10% of the stock is currently 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.

Further Reading: NASDAQ Stock Market Explained

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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