Woodmont Investment Counsel LLC Decreases Stake in Bank of America Corp (BAC)
Woodmont Investment Counsel LLC lessened its position in Bank of America Corp (NYSE:BAC) by 25.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,175 shares of the financial services provider’s stock after selling 3,743 shares during the quarter. Woodmont Investment Counsel LLC’s holdings in Bank of America were worth $315,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. McKinley Carter Wealth Services Inc. purchased a new position in shares of Bank of America in the first quarter valued at approximately $105,000. Quad Cities Investment Group LLC purchased a new position in shares of Bank of America in the second quarter valued at approximately $112,000. Ballew Advisors Inc purchased a new position in shares of Bank of America in the first quarter valued at approximately $129,000. Whitnell & Co. purchased a new position in shares of Bank of America in the second quarter valued at approximately $134,000. Finally, Well Done LLC purchased a new position in shares of Bank of America in the first quarter valued at approximately $136,000. Institutional investors and hedge funds own 65.10% of the company’s stock.
In related news, insider Catherine P. Bessant sold 15,820 shares of Bank of America stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total transaction of $500,070.20. Following the transaction, the insider now owns 483,680 shares in the company, valued at $15,289,124.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.10% of the company’s stock.
Bank of America (NYSE:BAC) last released its earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.06. The business had revenue of $22.60 billion for 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 business’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter last year, the business posted $0.46 earnings per share. 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 of Directors has approved a share buyback program on Thursday, June 28th that authorizes the company to buyback $20.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.
The business 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 is an increase from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.60 dividend on an annualized basis and a yield of 1.94%. Bank of America’s dividend payout ratio (DPR) 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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