Sanders Capital LLC Purchases 801,400 Shares of Bank of America Corp (NYSE:BAC)

Sanders Capital LLC grew its position in Bank of America Corp (NYSE:BAC) by 3.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 24,858,471 shares of the financial services provider’s stock after buying an additional 801,400 shares during the period. Bank of America accounts for about 3.3% of Sanders Capital LLC’s portfolio, making the stock its 15th largest position. Sanders Capital LLC owned approximately 0.26% of Bank of America worth $797,049,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in BAC. Matthew Goff Investment Advisor LLC boosted its stake in Bank of America by 3.3% in the 4th quarter. Matthew Goff Investment Advisor LLC now owns 198,107 shares of the financial services provider’s stock worth $4,881,000 after purchasing an additional 6,393 shares in the last quarter. Sound View Wealth Advisors LLC acquired a new stake in Bank of America in the 4th quarter worth approximately $1,114,000. Clal Insurance Enterprises Holdings Ltd boosted its stake in Bank of America by 51.4% in the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,968,809 shares of the financial services provider’s stock worth $48,511,000 after purchasing an additional 668,809 shares in the last quarter. Godshalk Welsh Capital Management Inc. boosted its stake in Bank of America by 2.4% in the 4th quarter. Godshalk Welsh Capital Management Inc. now owns 50,875 shares of the financial services provider’s stock worth $1,254,000 after purchasing an additional 1,200 shares in the last quarter. Finally, M Holdings Securities Inc. boosted its stake in Bank of America by 22.0% in the 1st quarter. M Holdings Securities Inc. now owns 113,968 shares of the financial services provider’s stock worth $3,144,000 after purchasing an additional 20,587 shares in the last quarter. Institutional investors and hedge funds own 68.24% of the company’s stock.

Shares of NYSE:BAC traded down $0.31 during trading on Friday, hitting $29.18. 37,182,581 shares of the stock traded hands, compared to its average volume of 41,155,808. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market capitalization of $274.50 billion, a P/E ratio of 11.18, a price-to-earnings-growth ratio of 1.21 and a beta of 1.53. The business’s fifty day simple moving average is $29.20. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.91.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.63 EPS. As a group, equities research analysts anticipate that Bank of America Corp will post 2.83 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.47%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. Bank of America’s payout ratio is 22.99%.

Bank of America declared that its board has authorized a stock repurchase plan on Thursday, June 27th that permits the company to buyback $30.90 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Several brokerages have commented on BAC. Jefferies Financial Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a research note on Wednesday, April 17th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research note on Wednesday, July 10th. HSBC began coverage on shares of Bank of America in a research note on Thursday, April 4th. They set a “hold” rating and a $29.00 price objective for the company. Atlantic Securities cut shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective for the company. in a research note on Tuesday, April 30th. Finally, ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. Bank of America has an average rating of “Hold” and an average price target of $33.02.

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

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