Sustainable Insight Capital Management LLC Has $1.73 Million Position in Bank of America Corp (BAC)

Sustainable Insight Capital Management LLC lifted its stake in shares of Bank of America Corp (NYSE:BAC) by 71.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 61,300 shares of the financial services provider’s stock after acquiring an additional 25,500 shares during the quarter. Sustainable Insight Capital Management LLC’s holdings in Bank of America were worth $1,728,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BAC. Eagle Global Advisors LLC lifted its position in Bank of America by 2.9% in the 1st quarter. Eagle Global Advisors LLC now owns 340,512 shares of the financial services provider’s stock worth $10,212,000 after buying an additional 9,727 shares in the last quarter. Aspiriant LLC bought a new position in shares of Bank of America during the 1st quarter valued at $998,000. Evermay Wealth Management LLC raised its holdings in shares of Bank of America by 110.8% during the 1st quarter. Evermay Wealth Management LLC now owns 23,999 shares of the financial services provider’s stock valued at $720,000 after purchasing an additional 12,615 shares in the last quarter. B. Riley Financial Inc. bought a new position in shares of Bank of America during the 1st quarter valued at $213,000. Finally, Picton Mahoney Asset Management raised its holdings in shares of Bank of America by 20.1% during the 1st quarter. Picton Mahoney Asset Management now owns 888,700 shares of the financial services provider’s stock valued at $26,653,000 after purchasing an additional 148,500 shares in the last quarter. Hedge funds and other institutional investors own 65.08% 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 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 legal filing with the SEC, which is available at this hyperlink. 0.10% of the stock is owned by insiders.

Separately, Wolfe Research started coverage on shares of Bank of America in a report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $33.35.

NYSE:BAC opened at $30.27 on Tuesday. The stock has a market capitalization of $301.78 billion, a price-to-earnings ratio of 16.45, a PEG ratio of 1.46 and a beta of 1.30. Bank of America Corp has a 12 month low of $25.12 and a 12 month high of $33.05. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.06. The firm 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 company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.46 earnings per share. Research analysts predict that Bank of America Corp will post 2.52 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a share buyback program 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 programs are usually an indication that the company’s management believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 7th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, September 6th. This is a positive change 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 payout ratio is 32.79%.

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

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