Cornerstone Wealth Group LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 0.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 346,634 shares of the financial services provider’s stock after buying an additional 1,058 shares during the period. Bank of America makes up about 1.1% of Cornerstone Wealth Group LLC’s investment portfolio, making the stock its 18th largest holding. Cornerstone Wealth Group LLC’s holdings in Bank of America were worth $13,754,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Citizens Financial Group Inc. RI lifted its position in Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares in the last quarter. Councilmark Asset Management LLC purchased a new position in Bank of America during the first quarter valued at $771,000. SteelPeak Wealth LLC lifted its position in Bank of America by 37.7% during the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after purchasing an additional 14,901 shares in the last quarter. Brookstone Capital Management lifted its position in Bank of America by 11.5% during the second quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock valued at $8,628,000 after purchasing an additional 20,309 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Bank of America by 39.7% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 9,941,700 shares of the financial services provider’s stock valued at $395,381,000 after purchasing an additional 2,827,700 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.
Insider Activity at Bank of America
In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the sale, the insider now owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the sale, the insider now owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,078,718 shares of company stock worth $4,548,920,425. Company insiders own 0.29% of the company’s stock.
Analyst Ratings Changes
Get Our Latest Analysis on BAC
Bank of America Stock Down 0.4 %
Shares of NYSE:BAC opened at $42.34 on Thursday. Bank of America Co. has a 1 year low of $25.72 and a 1 year high of $44.44. The business has a 50 day simple moving average of $40.44 and a two-hundred day simple moving average of $39.73. The firm has a market capitalization of $328.54 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 1.42 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.
Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.90 earnings per share. On average, equities analysts predict that Bank of America Co. will post 3.26 EPS for the current year.
Bank of America announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
Bank of America Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s payout ratio is 37.82%.
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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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