Bank of America Corporation (BAC) To Go Ex-Dividend on June 5th

Bank of America Corporation (NYSE:BAC) announced a quarterly dividend on Thursday, April 23rd. Stockholders of record on Friday, June 5th will be given a dividend of 0.28 per share by the financial services provider on Friday, June 26th. This represents a c) dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, June 5th.

Bank of America has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 11 years. Bank of America has a dividend payout ratio of 26.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of America to earn $5.08 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 22.0%.

Bank of America Stock Up 1.9%

Shares of NYSE BAC opened at $52.50 on Wednesday. The stock has a market cap of $372.55 billion, a P/E ratio of 12.99, a PEG ratio of 0.87 and a beta of 1.18. The business’s fifty day simple moving average is $51.20 and its 200-day simple moving average is $52.30. Bank of America has a 12-month low of $43.66 and a 12-month high of $57.55. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 EPS. As a group, equities analysts predict that Bank of America will post 4.45 EPS for the current fiscal year.

Insider Buying and Selling at Bank of America

In other news, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the transaction, the insider owned 170,184 shares in the company, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 270,756 shares of company stock worth $13,622,696 over the last three months. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Bank of America

Several hedge funds have recently made changes to their positions in BAC. Brighton Jones LLC grew its stake in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC increased its position in Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock worth $1,013,000 after buying an additional 6,174 shares during the period. Jump Financial LLC lifted its stake in Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock valued at $3,108,000 after buying an additional 18,227 shares during the last quarter. Nebula Research & Development LLC acquired a new stake in shares of Bank of America in the second quarter valued at approximately $1,396,000. Finally, Vivaldi Capital Management LP boosted its holdings in shares of Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after acquiring an additional 355 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.