Wallington Asset Management LLC Increases Position in Bank of America Corp (BAC)
Wallington Asset Management LLC boosted its stake in Bank of America Corp (NYSE:BAC) by 90.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 280,866 shares of the financial services provider’s stock after buying an additional 133,460 shares during the period. Bank of America makes up 2.0% of Wallington Asset Management LLC’s portfolio, making the stock its 22nd largest holding. Wallington Asset Management LLC’s holdings in Bank of America were worth $7,918,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. McKinley Carter Wealth Services Inc. bought a new stake in Bank of America in the 1st quarter valued at about $105,000. Ballew Advisors Inc bought a new stake in Bank of America in the 1st quarter valued at about $129,000. Well Done LLC bought a new stake in Bank of America in the 1st quarter valued at about $136,000. Avestar Capital LLC bought a new stake in Bank of America in the 4th quarter valued at about $135,000. Finally, WealthTrust Fairport LLC bought a new stake in Bank of America in the 1st quarter valued at about $141,000. Institutional investors and hedge funds own 66.88% of the company’s stock.
Separately, Citigroup boosted their price objective on shares of Bank of America from $32.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, April 24th. Nine investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Bank of America currently has an average rating of “Buy” and an average target price of $32.37.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.06. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The company had revenue of $22.60 billion during the quarter, compared to the consensus estimate of $22.49 billion. During the same quarter in the prior year, the firm posted $0.46 EPS. The firm’s quarterly revenue was down .9% on a year-over-year basis. research analysts forecast that Bank of America Corp will post 2.53 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.95%. This is an increase from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s dividend payout ratio is 26.23%.
Bank of America declared that its Board of Directors has approved a stock buyback plan on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
In other news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the completion of the sale, the insider now owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.10% of the company’s stock.
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.
See Also: Short Selling Stocks, A Beginner’s Guide
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.