MML Investors Services LLC cut its stake in shares of Bank of America Corp (NYSE:BAC) by 10.0% in the 2nd quarter, Holdings Channel reports. The firm owned 440,370 shares of the financial services provider’s stock after selling 49,107 shares during the quarter. MML Investors Services LLC’s holdings in Bank of America were worth $12,771,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently bought and sold shares of BAC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in Bank of America by 41.7% in the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 55,924 shares of the financial services provider’s stock worth $1,622,000 after purchasing an additional 16,465 shares during the last quarter. First Bank & Trust increased its position in Bank of America by 16.6% in the 2nd quarter. First Bank & Trust now owns 4,623 shares of the financial services provider’s stock valued at $134,000 after acquiring an additional 657 shares during the period. Coastal Capital Group Inc. increased its position in Bank of America by 7.0% in the 2nd quarter. Coastal Capital Group Inc. now owns 14,782 shares of the financial services provider’s stock valued at $429,000 after acquiring an additional 966 shares during the period. M Holdings Securities Inc. increased its position 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 valued at $3,144,000 after acquiring an additional 20,587 shares during the period. Finally, Geneva Partners LLC increased its position in Bank of America by 51.7% in the 2nd quarter. Geneva Partners LLC now owns 119,436 shares of the financial services provider’s stock valued at $3,464,000 after acquiring an additional 40,711 shares during the period. 68.61% of the stock is owned by institutional investors.
NYSE:BAC traded up $0.03 during mid-day trading on Wednesday, reaching $29.38. 2,164,212 shares of the stock were exchanged, compared to its average volume of 55,299,916. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The business has a fifty day moving average price of $28.17 and a 200 day moving average price of $28.70. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $31.37. The firm has a market capitalization of $266.50 billion, a PE ratio of 11.25, a PEG ratio of 1.13 and a beta of 1.57.
Bank of America declared that its board has authorized a share buyback 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 buy up to 11.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.18 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, September 5th. Bank of America’s payout ratio is presently 27.59%.
In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by insiders.
BAC has been the subject of a number of analyst reports. Berenberg Bank set a $30.00 price target on Bank of America and gave the stock a “hold” rating in a research report on Monday, June 17th. DZ Bank raised Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. BMO Capital Markets upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective on the stock in a research note on Monday, June 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 on the stock. in a research note on Wednesday, July 10th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a report on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $32.29.
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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