Oregon Public Employees Retirement Fund Sells 967,965 Shares of Bank of America Corp (BAC)
Oregon Public Employees Retirement Fund decreased its holdings in shares of Bank of America Corp (NYSE:BAC) by 29.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,370,593 shares of the financial services provider’s stock after selling 967,965 shares during the period. Bank of America makes up approximately 1.0% of Oregon Public Employees Retirement Fund’s holdings, making the stock its 11th largest position. Oregon Public Employees Retirement Fund’s holdings in Bank of America were worth $66,827,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. Eagle Global Advisors LLC increased its holdings in Bank of America by 2.9% in the first quarter. Eagle Global Advisors LLC now owns 340,512 shares of the financial services provider’s stock valued at $10,212,000 after buying an additional 9,727 shares in the last quarter. Aspiriant LLC purchased a new position in Bank of America in the first quarter valued at about $998,000. Evermay Wealth Management LLC increased its holdings in Bank of America by 110.8% in the first quarter. Evermay Wealth Management LLC now owns 23,999 shares of the financial services provider’s stock valued at $720,000 after buying an additional 12,615 shares in the last quarter. B. Riley Financial Inc. purchased a new position in Bank of America in the first quarter valued at about $213,000. Finally, Picton Mahoney Asset Management increased its holdings in Bank of America by 20.1% in the first quarter. Picton Mahoney Asset Management now owns 888,700 shares of the financial services provider’s stock valued at $26,653,000 after buying an additional 148,500 shares in the last quarter. Hedge funds and other institutional investors own 65.10% of the company’s stock.
Shares of Bank of America stock opened at $30.37 on Friday. Bank of America Corp has a 12-month low of $24.15 and a 12-month high of $33.05. 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 capitalization of $311.72 billion, a price-to-earnings ratio of 13.83, a P/E/G ratio of 1.51 and a beta of 1.27.
Bank of America declared that its Board of Directors has initiated a share buyback plan on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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 issued a $0.15 dividend. The ex-dividend date is Thursday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a yield of 1.98%. Bank of America’s dividend payout ratio (DPR) is 32.79%.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at $15,289,124.80. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.10% of the company’s stock.
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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