BB&T Securities LLC Grows Position in Bank of America Corp (BAC)
BB&T Securities LLC lifted its position in shares of Bank of America Corp (NYSE:BAC) by 0.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,157,313 shares of the financial services provider’s stock after purchasing an additional 10,814 shares during the quarter. BB&T Securities LLC’s holdings in Bank of America were worth $32,624,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Associated Banc Corp boosted 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 worth $9,252,000 after acquiring an additional 27,611 shares in the last quarter. Sigma Planning Corp boosted 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 worth $5,596,000 after acquiring an additional 3,135 shares in the last quarter. Financial Advocates Investment Management boosted 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 worth $1,821,000 after acquiring an additional 4,821 shares in the last quarter. Guardian Investment Management boosted 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 worth $3,967,000 after acquiring an additional 5,493 shares in the last quarter. Finally, Flinton Capital Management LLC boosted its holdings in Bank of America by 4.9% in the second quarter. Flinton Capital Management LLC now owns 1,536,556 shares of the financial services provider’s stock worth $43,316,000 after acquiring an additional 72,016 shares in the last quarter. Institutional investors own 65.10% of the company’s stock.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the business’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the sale, the insider now directly owns 483,680 shares of the company’s stock, valued at $15,289,124.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 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 for the quarter, compared to the consensus estimate of $22.49 billion. During the same period in the previous year, the company posted $0.46 earnings per share. The company’s revenue for the quarter was down .9% compared to the same quarter last year. research analysts predict that Bank of America Corp will post 2.52 EPS for the current year.
Bank of America declared that its board has authorized a stock buyback program on Thursday, June 28th that allows the company to repurchase $20.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are 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. This represents a $0.60 annualized dividend and a yield of 1.98%. 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 payout ratio is 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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