Taylor Wealth Management Partners increased its stake in Bank of America Co. (NYSE:BAC) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 152,988 shares of the financial services provider’s stock after acquiring an additional 1,578 shares during the period. Bank of America makes up approximately 2.2% of Taylor Wealth Management Partners’ investment portfolio, making the stock its 17th biggest position. Taylor Wealth Management Partners’ holdings in Bank of America were worth $6,308,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Robbins Farley LLC bought a new position in shares of Bank of America in the first quarter valued at approximately $25,000. Newton One Investments LLC acquired a new stake in Bank of America during the second quarter valued at approximately $29,000. Cowen Prime Advisors LLC acquired a new stake in Bank of America during the second quarter valued at approximately $31,000. Sage Financial Management Group Inc. acquired a new stake in Bank of America during the first quarter valued at approximately $33,000. Finally, Cypress Point Wealth Management LLC acquired a new stake in Bank of America during the second quarter valued at approximately $41,000. Institutional investors and hedge funds own 70.71% of the company’s stock.
In other news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the stock in a transaction on Friday, August 6th. The shares were sold at an average price of $39.98, for a total transaction of $3,198,400.00. Following the transaction, the insider now owns 337,006 shares in the company, valued at approximately $13,473,499.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.22% of the company’s stock.
BAC stock traded up $0.86 during midday trading on Wednesday, reaching $39.99. The company had a trading volume of 882,773 shares, compared to its average volume of 49,703,535. Bank of America Co. has a 1 year low of $22.95 and a 1 year high of $43.49. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $336.51 billion, a P/E ratio of 13.09, a PEG ratio of 1.72 and a beta of 1.55. The company has a 50 day moving average of $40.03 and a two-hundred day moving average of $40.21.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 14th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The company had revenue of $21.50 billion during the quarter, compared to the consensus estimate of $21.77 billion. During the same quarter in the prior year, the firm earned $0.37 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.34 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 24th. Stockholders of record on Friday, September 3rd will be paid a dividend of $0.21 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, September 2nd. This represents a $0.84 annualized dividend and a dividend yield of 2.10%. Bank of America’s dividend payout ratio is 38.50%.
Bank of America Company Profile
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
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