IBM Retirement Fund cut its stake in Bank of America Corp (NYSE:BAC) by 13.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 195,197 shares of the financial services provider’s stock after selling 29,586 shares during the period. Bank of America makes up 1.1% of IBM Retirement Fund’s investment portfolio, making the stock its 11th largest position. IBM Retirement Fund’s holdings in Bank of America were worth $5,503,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Associated Banc Corp raised its holdings in Bank of America by 9.2% in the second quarter. Associated Banc Corp now owns 328,171 shares of the financial services provider’s stock valued at $9,252,000 after buying an additional 27,611 shares during the period. Sigma Planning Corp raised its holdings in Bank of America by 1.6% in the second quarter. Sigma Planning Corp now owns 198,494 shares of the financial services provider’s stock valued at $5,596,000 after buying an additional 3,135 shares during the period. Financial Advocates Investment Management raised its holdings in Bank of America by 8.1% in the second quarter. Financial Advocates Investment Management now owns 64,406 shares of the financial services provider’s stock valued at $1,821,000 after buying an additional 4,821 shares during the period. Guardian Investment Management raised its holdings in Bank of America by 4.1% in the second quarter. Guardian Investment Management now owns 140,040 shares of the financial services provider’s stock valued at $3,967,000 after buying an additional 5,493 shares during the period. Finally, Wealthfront Inc. raised its holdings in Bank of America by 5.3% in the first quarter. Wealthfront Inc. now owns 503,392 shares of the financial services provider’s stock valued at $15,097,000 after buying an additional 25,141 shares during the period. 65.10% of the stock is currently owned by institutional investors and hedge funds.

In other news, insider Catherine P. Bessant sold 15,820 shares of Bank of America stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the sale, the insider now owns 483,680 shares in the company, valued at $15,289,124.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.10% of the company’s stock.

BAC opened at $30.37 on Monday. The company has a market cap of $311.72 billion, a PE ratio of 16.60, a PEG ratio of 1.51 and a beta of 1.27. Bank of America Corp has a 52-week low of $24.15 and a 52-week high of $33.05. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 0.91.

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

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, September 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.98%. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio (DPR) is currently 32.79%.

Bank of America announced that its board has initiated a share repurchase plan on Thursday, June 28th that permits the company to buyback $20.60 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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: Fiduciary

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

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