Ajo LP lowered its stake in shares of Bank of America Corp. (NYSE:BAC) by 1.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 34,793,874 shares of the financial services provider’s stock after selling 383,439 shares during the period. Bank of America Corp. accounts for about 2.1% of Ajo LP’s investment portfolio, making the stock its 4th largest position. Ajo LP owned approximately 0.33% of Bank of America Corp. worth $461,715,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Dodge & Cox boosted its stake in shares of Bank of America Corp. by 15.4% in the first quarter. Dodge & Cox now owns 215,803,933 shares of the financial services provider’s stock valued at $2,917,669,000 after buying an additional 28,729,070 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in Bank of America Corp. during the second quarter worth $364,977,000. Societe Generale purchased a new position in Bank of America Corp. during the second quarter worth $151,627,000. Canada Pension Plan Investment Board boosted its position in Bank of America Corp. by 16.8% in the first quarter. Canada Pension Plan Investment Board now owns 47,215,349 shares of the financial services provider’s stock worth $638,352,000 after buying an additional 6,801,200 shares during the period. Finally, Hexavest Inc. purchased a new position in Bank of America Corp. during the second quarter worth $83,053,000. Institutional investors own 60.68% of the company’s stock.
Shares of Bank of America Corp. (NYSE:BAC) opened at 15.52 on Friday. The firm has a 50-day moving average price of $15.50 and a 200 day moving average price of $14.32. Bank of America Corp. has a 52-week low of $10.99 and a 52-week high of $18.09. The stock has a market cap of $163.22 billion, a price-to-earnings ratio of 13.01 and a beta of 1.67.
Bank of America Corp. (NYSE:BAC) last posted its earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.03. The firm earned $20.60 million during the quarter, compared to analysts’ expectations of $20.41 billion. Bank of America Corp. had a return on equity of 6.23% and a net margin of 16.31%. The firm’s revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 earnings per share. Analysts expect that Bank of America Corp. will post $1.27 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd were given a dividend of $0.075 per share. This is a positive change from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date was Wednesday, August 31st. This represents a $0.30 annualized dividend and a yield of 1.93%. Bank of America Corp.’s payout ratio is 24.59%.
A number of research analysts have weighed in on BAC shares. Vetr cut shares of Bank of America Corp. from a “strong-buy” rating to a “buy” rating and set a $14.20 price objective on the stock. in a research report on Tuesday, June 28th. Deutsche Bank AG reiterated a “buy” rating on shares of Bank of America Corp. in a research report on Wednesday, June 15th. Sanford C. Bernstein reiterated a “buy” rating on shares of Bank of America Corp. in a research report on Monday, June 20th. Buckingham Research reiterated a “buy” rating on shares of Bank of America Corp. in a research report on Tuesday, June 21st. Finally, Citigroup Inc. reissued a “buy” rating on shares of Bank of America Corp. in a research note on Wednesday, June 29th. Nine research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $25.14.
In other news, Director Thomas D. Woods purchased 25,000 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were bought at an average price of $14.13 per share, with a total value of $353,250.00. Following the completion of the transaction, the director now directly owns 32,459 shares in the company, valued at approximately $458,645.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.18% of the company’s stock.
About Bank of America Corp.
Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.
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