Perigon Wealth Management LLC decreased its position in Bank of America Corp (NYSE:BAC) by 8.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,075 shares of the financial services provider’s stock after selling 4,126 shares during the quarter. Perigon Wealth Management LLC’s holdings in Bank of America were worth $1,365,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the company. Fiduciary Group LLC grew its position in shares of Bank of America by 0.4% in the second quarter. Fiduciary Group LLC now owns 149,157 shares of the financial services provider’s stock valued at $4,326,000 after purchasing an additional 589 shares during the last quarter. Sunesis Advisors LLC grew its position in shares of Bank of America by 3.6% in the second quarter. Sunesis Advisors LLC now owns 14,461 shares of the financial services provider’s stock valued at $419,000 after purchasing an additional 500 shares during the last quarter. Brave Asset Management Inc. grew its position in shares of Bank of America by 1.1% in the second quarter. Brave Asset Management Inc. now owns 62,755 shares of the financial services provider’s stock valued at $1,820,000 after purchasing an additional 672 shares during the last quarter. Greenline Partners LLC grew its position in shares of Bank of America by 0.9% in the second quarter. Greenline Partners LLC now owns 366,725 shares of the financial services provider’s stock valued at $10,635,000 after purchasing an additional 3,160 shares during the last quarter. Finally, GWM Advisors LLC grew its position in Bank of America by 1.3% during the second quarter. GWM Advisors LLC now owns 170,281 shares of the financial services provider’s stock worth $4,938,000 after buying an additional 2,219 shares in the last quarter. 68.50% of the stock is currently owned by institutional investors.
NYSE BAC traded down $0.42 on Tuesday, hitting $26.85. 19,561,138 shares of the company’s stock were exchanged, compared to its average volume of 61,356,312. The stock has a 50-day moving average of $29.03 and a 200-day moving average of $28.84. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.49. The stock has a market cap of $251.60 billion, a price-to-earnings ratio of 10.29, a P/E/G ratio of 1.06 and a beta of 1.54.
Bank of America announced that its board has authorized a stock repurchase program on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 2.68%. Bank of America’s dividend payout ratio is presently 22.99%.
A number of equities research analysts recently issued reports on BAC shares. DZ Bank raised Bank of America from a “sell” rating to a “hold” rating in a research report on Friday. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target on the stock in a research report on Monday, June 17th. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. reduced 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. Finally, Keefe, Bruyette & Woods raised 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. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. Bank of America currently has an average rating of “Hold” and an average price target of $32.75.
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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