Oak Asset Management LLC Lowers Holdings in Bank of America Corp (NYSE:BAC)

Oak Asset Management LLC decreased its stake in Bank of America Corp (NYSE:BAC) by 6.1% during the second quarter, Holdings Channel reports. The institutional investor owned 10,506 shares of the financial services provider’s stock after selling 678 shares during the quarter. Oak Asset Management LLC’s holdings in Bank of America were worth $311,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Squar Milner Financial Services LLC boosted its position in Bank of America by 1.3% during the first quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock worth $737,000 after purchasing an additional 348 shares in the last quarter. Barber Financial Group Inc. boosted its position in Bank of America by 2.1% during the first quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock worth $473,000 after purchasing an additional 360 shares in the last quarter. Rowland & Co. Investment Counsel ADV boosted its position in Bank of America by 9.7% during the second quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 360 shares in the last quarter. Kistler Tiffany Companies LLC boosted its position in Bank of America by 2.4% during the second quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock worth $456,000 after purchasing an additional 365 shares in the last quarter. Finally, Cahill Financial Advisors Inc. boosted its position in Bank of America by 4.1% during the fourth quarter. Cahill Financial Advisors Inc. now owns 9,391 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 369 shares in the last quarter. Hedge funds and other institutional investors own 68.23% of the company’s stock.

Shares of NYSE BAC traded down $0.25 during midday trading on Tuesday, hitting $27.83. The stock had a trading volume of 34,008,730 shares, compared to its average volume of 47,919,868. The firm has a market capitalization of $273.48 billion, a P/E ratio of 10.66, a PEG ratio of 1.15 and a beta of 1.54. The company’s 50 day simple moving average is $29.27. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.91. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last released 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 business had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 earnings per share. Equities research analysts anticipate that Bank of America Corp will post 2.83 earnings per share for the current year.

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

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 given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Thursday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is 22.99%.

A number of equities analysts have issued reports on the company. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $32.00 to $36.00 in a research report on Friday, July 26th. JPMorgan Chase & Co. lowered their price target on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a research report on Monday, June 17th. Finally, Berenberg Bank set a $30.00 target price on Bank of America and gave the company a “hold” rating in a research report on Monday, June 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $33.02.

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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