Credit Agricole S A Sells 7,100 Shares of Bank of America Corp (BAC)
Credit Agricole S A cut its stake in Bank of America Corp (NYSE:BAC) by 33.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,290 shares of the financial services provider’s stock after selling 7,100 shares during the quarter. Credit Agricole S A’s holdings in Bank of America were worth $403,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Janus Henderson Group PLC grew its position in shares of Bank of America by 74.9% in the second quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock valued at $779,654,000 after purchasing an additional 11,842,467 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Bank of America by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock valued at $1,800,203,000 after purchasing an additional 8,925,474 shares in the last quarter. Schroder Investment Management Group grew its position in shares of Bank of America by 47.3% in the first quarter. Schroder Investment Management Group now owns 18,515,313 shares of the financial services provider’s stock valued at $555,274,000 after purchasing an additional 5,946,378 shares in the last quarter. Hexavest Inc. purchased a new position in Bank of America during the second quarter worth about $78,512,000. Finally, Suvretta Capital Management LLC purchased a new position in Bank of America during the first quarter worth about $77,254,000. Institutional investors own 65.10% of the company’s stock.
In related news, insider Catherine P. Bessant sold 15,820 shares of the business’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 transaction, the insider now directly owns 483,680 shares in the company, valued at $15,289,124.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.10% of the stock is owned by insiders.
Bank of America (NYSE:BAC) last posted its earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.06. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The business had revenue of $22.60 billion during the quarter, compared to analysts’ expectations of $22.49 billion. During the same period in the previous year, the business earned $0.46 earnings per share. The firm’s revenue was down .9% on a year-over-year basis. equities research analysts predict that Bank of America Corp will post 2.52 earnings per share for the current fiscal year.
Bank of America declared that its board has approved a stock buyback 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced 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 annualized dividend and a yield of 1.94%. This is a boost from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, September 6th. Bank of America’s payout ratio is presently 32.79%.
Bank of America Company 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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