Bank of America Corp
Change company Symbol lookup
Select an option...
BAC Bank of America Corp
CHHL China Holdings Inc
DARE Dare Bioscience Inc
HEXEY Hellenic Exchanges Athens Stock Exchange SA
CLWA Fuzebox Software Corp
NGHC National General Holdings Corp
IVR Invesco Mortgage Capital Inc
CXP Columbia Property Trust Inc
TYTMF Tokyo Tatemono Co Ltd
ARPTF Airport City Ltd
Go

Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Closing Price
$34.85
Day's Change
-0.06 (-0.17%)
Bid
--
Ask
--
B/A Size
--
Day's High
34.96
Day's Low
34.70
Volume
(Light)
Volume:
26,447,711

10-day average volume:
38,683,998
26,447,711

S&P 500 buybacks reverse declines in Q3 2019; expenditures remain lower than the 2018 levels

12:04 pm ET December 17, 2019 (PR Newswire) Print

S&P Dow Jones Indices ("S&P DJI") announced today that preliminary Q3 2019 S&P 500(R) stock buybacks, or share repurchases, were $175.9 billion - a 6.3% increase over Q2 2019's $165.5 billion. This was the first increase after two consecutive quarters of declines since the record $223 billion in Q4 2018.

Historical data on S&P 500 buybacks are available at www.spdji.com/indices/equity/sp-500.

Key Takeaways:

-- Companies reversed declines in buyback expenditures in the past two quarters of this year, posting a 6.3% gain over Q2 2019, as the current level remains significantly higher than 2017 and prior periods. The cumulative rolling four quarters of repurchases continued to impact EPS, as 22.8% of the issues reduced share counts by at least 4% year-over-year, the same level as Q2 2019, but up from the Q3 2018's 17.7%. Over 1-in-5 issues saw at least a 4% EPS tailwind and at this point 14.6% of the issues already have at least a 4% tailwind built into Q4 2019.

-- S&P 500 Q3 2019 dividends set a quarterly record, increasing to $123.2 billion, up 6.4% from the Q3 2018 $115.7 billion; Q4 2019 is set to post yet another record, in the $126 billion range.

-- Total shareholder return of buybacks and dividends for the quarter came in at $299.0 billion, up 5.2% from the Q2 2019 period expenditure of $284.1 billion and down 6.4% from the $319.5 billion reported for Q3 2018.

-- Total shareholder return for the 12-month period ending September 2019 declined to $1.249 trillion from the 12-month June 2019 level of $1.270 trillion, and was up 7.1% from the year-over-year 12-month Q2 2018 level of $1.166 trillion.

"After lowering expenditures in the first half of the year from their tax-inspired record-setting buying spree of 2018, companies increased their share repurchases by 6.3% in the third quarter," said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices. "While the levels still pale in comparison to 2018, they are significantly higher than the pre-2018 levels, and surpass the hoped for $170 billion mark, which was seen as the level needed to support stocks and continue reduced share count EPS growth. For Q4, the market is looking for another increase in buybacks, in the mid-single digit range, staying near the $190 billion level, well shy of the Q4 2018 record-setting $223 billion."

Silverblatt also found that buybacks continue to be top heavy, with the top 20 issues accounting for 50.4% of the buybacks, compared to the 10-year average of 44.5%.

Q3 2019 GICS(R) Sector Analysis:

Information Technology buybacks continued to decline as a percentage of all buybacks, as they decreased 10.8% to $49.2 billion compared to $55.2 billion for Q2 2019. Twelve-month expenditures were down 7.6% to $233.7 billion from the $253.0 billion spent in the same period in 2018. The sector represents 28.0% of the index's buybacks, down from Q2 2019's 33.4% and 40.4% in Q3 2018.

Financials were right behind Information Technology for expenditures, as they increased 26.4% to $47.8 billion, up from last quarter's $37.8 billion. They represented 27.2% of all buybacks, up from 22.9% in Q2 2019, and are less than one percentage point away from Information Technology's 28.0%.

Materials buybacks continued to be volatile, as they increased 123.1% after declining 49.3% last quarter, spending $5.4 billion on buybacks, up from $2.4 billion last quarter and down from $4.8 billion for Q1 2019. Utilities again declined, spending 11.1% less, to $0.8 billion from last quarter's $0.9 billion and $1.5 billion in Q1 2019.

Health Care buybacks declined 6.2%, to $16.0 billion, from last quarter's $17.1 billion, as they represent 9.1% of all buybacks, down from last quarter's 10.3%.

Issues:

The five issues with the highest total buybacks for Q3 2019 are:

-- Apple (AAPL) continued to lead in buybacks, spending $17.6 billion in Q3 2019, ranking 8th in S&P 500 history, as the level was down 2.9% from their Q2 2019 $18.2 billion expenditure. Over the past 12-months, Apple has spent $69.7 billion on buybacks, down from $75.3 billion in the prior 12-month period. Over the five-year period they have spent $247.8 billion, more than the market value of Home Depot.

-- Bank of America (BAC): $7.6 billion for Q3 2019, up from $6.5 billion for Q2 2019; in the last 12-months they spent $25.6 billion, up from $19.7 billion.

-- Wells Fargo (WFC): $7.5 billion for Q3 2019, up from their $4.9 billion Q2 2019 expenditure; in the last 12 months they spent $24.7 billion, up from $16.5 billion.

-- JP Morgan (JPM): $6.9 billion for Q3 2019, up from the $5.2 billion spent in Q2 2019; in the last 12-months they spent $23.2 billion, up from $18.9 billion.

-- Alphabet (GOOG/L): $5.7 billion for Q3 2019, up from $3.6 billion for Q2 2019; in the last 12-months they spent $14.9 billion, up from $8.5 billion.

For more information about S&P Dow Jones Indices, please visit www.spdji.com.

S&P Dow Jones Indices
S&P 500, $ U.S. BILLIONS
(preliminary and estimates in bold)
PERIOD        MARKET     OPERATING  AS REPORTED                                        DIVIDEND &
              VALUE      EARNINGS   EARNINGS    DIVIDENDS  BUYBACKS   DIVIDEND BUYBACK BUYBACK
              $ BILLIONS $ BILLIONS $ BILLIONS  $ BILLIONS $ BILLIONS YIELD    YIELD   YIELD
12 Mo Sep,'19 $24,706.92 $1,274.15  $1,106.84   $478.94    $770.14    1.94%    3.12%   5.06%
12 Mo Sep,'18 $24,579.28 $1,276.77  $1,106.65   $445.96    $720.40    1.81%    2.93%   4.75%
2018          $21,026.90 $1,281.66  $1,119.43   $456.31    $806.41    2.17%    3.84%   6.01%
2017          $22,821.24 $1,066.00  $940.86     $419.77    $519.40    1.84%    2.28%   4.12%
2016          $19,267.93 $919.85    $818.55     $397.21    $536.38    2.06%    2.78%   4.85%
9/30/2019     $24,707    $330.51    $282.12     $123.12    $175.89    1.94%    3.12%   5.06%
6/28/2019     $24,423    $333.26    $290.00     $118.68    $165.46    1.93%    3.27%   5.20%
3/29/2019     $23,619    $316.56    $291.82     $117.33    $205.81    1.97%    3.49%   5.45%
12/31/2018    $21,027    $293.82    $242.91     $119.81    $222.98    2.17%    3.84%   6.01%
9/30/2018     $24,579    $349.04    $306.70     $115.72    $203.76    1.81%    2.93%   4.75%
6/30/2018     $23,036    $327.53    $288.55     $111.60    $190.62    1.89%    2.80%   4.69%
3/29/2018     $22,496    $311.26    $281.28     $109.18    $189.05    1.90%    2.56%   4.46%
12/29/2017    $22,821    $288.93    $230.12     $109.46    $136.97    1.84%    2.28%   4.12%
9/29/2017     $21,579    $268.35    $243.68     $105.45    $129.17    1.92%    2.40%   4.32%
6/30/2017     $20,762    $261.39    $231.40     $104.01    $120.11    1.96%    2.41%   4.37%
3/31/2017     $20,276    $247.32    $235.65     $100.86    $133.15    1.98%    2.51%   4.49%
12/31/2016    $19,268    $240.11    $207.93     $103.82    $135.29    2.06%    2.78%   4.85%
9/30/2016     $18,742    $247.98    $219.46     $98.43     $112.20    2.10%    2.92%   5.01%
6/30/2016     $18,193    $222.77    $201.79     $98.30     $127.50    2.14%    3.22%   5.36%
3/31/2016     $17,958    $208.99    $189.37     $96.67     $161.39    2.15%    3.28%   5.43%
12/31/2015    $17,900    $201.95    $163.76     $99.39     $145.88    2.14%    3.20%   5.33%
9/30/2015     $16,917    $224.14    $204.58     $95.07     $150.58    2.22%    3.30%   5.52%
S&P Dow Jones Indices
S&P 500 SECTOR BUYBACKS
SECTOR $ MILLIONS      Q3,'19     Q2,'19   Q3,'18   12MoSep,'19 12MoSep,'18 5-YEARS    10-YEARS
Consumer Discretionary $18,372    $15,764  $19,688  $77,509     $81,798     $426,508   $742,619
Consumer Staples       $7,509     $7,114   $10,025  $33,997     $34,351     $208,836   $440,792
Energy                 $4,880     $4,552   $7,330   $22,423     $26,932     $88,212    $264,332
Financials             $47,789    $37,819  $40,643  $174,094    $138,316    $621,259   $859,660
Healthcare             $16,007    $17,066  $14,482  $95,158     $93,170     $410,508   $699,142
Industrials            $14,181    $16,967  $15,159  $73,600     $66,775     $354,187   $556,114
Information Technology $49,241    $55,187  $82,293  $233,713    $253,044    $871,620   $1,373,018
Materials              $5,400     $2,420   $3,014   $18,449     $10,601     $61,764    $113,442
Real Estate            $694       $555     $520     $3,138      $3,602      $10,029    $10,029
Communication Services $11,028    $7,132   $10,092  $34,061     $10,690     $52,070    $83,086
Utilities              $784       $882     $509     $3,994      $1,119      $9,142     $18,756
TOTAL                  $175,886   $165,458 $203,756 $770,135    $720,397    $3,114,135 $5,160,989
S&P Dow Jones Indices
S&P 500 20 LARGEST Q3 2019 BUYBACKS, $ MILLIONS
Company                Ticker        Sector                 Q3 2019     12-Months 12-Months 5-Year     10-Year    Indicated
                                                            Buybacks    Sep,'19   Sep,'18   Buybacks   Buybacks   Dividend
                                                            $ Million   $ Million $ Million $ Million  $ Million  $ Million
Apple                  AAPL          Information Technology $17,635     $69,714   $75,265   $247,797   $320,049   $14,808
Bank of America        BAC           Financials             $7,626      $25,627   $19,732   $60,790    $65,685    $7,447
Wells Fargo            WFC           Financials             $7,459      $24,757   $16,518   $68,966    $87,356    $9,877
JPMorgan Chase         JPM           Financials             $6,949      $23,178   $18,863   $68,851    $90,405    $11,511
Alphabet               GOOGL         Communication Services $5,696      $14,948   $8,526    $31,692    $32,610    $0
Oracle                 ORCL          Information Technology $5,519      $31,816   $21,366   $74,484    $105,087   $4,852
Citigroup              C             Financials             $4,978      $12,855   $15,800   $53,997    $57,889    $4,608
Microsoft              MSFT          Information Technology $4,912      $20,711   $11,895   $74,488    $116,365   $15,576
Intel                  INTC          Information Technology $4,521      $11,874   $8,464    $34,421    $65,163    $5,582
LyondellBasell         LYB           Materials              $3,240      $4,805    $801      $15,507    $21,803    $1,829
Procter & Gamble       PG            Consumer Staples       $3,000      $6,751    $5,754    $24,090    $53,999    $7,458
Charter Communications CHTR          Communication Services $2,767      $5,753    $7,181    $22,283    $23,066    $0
Starbucks              SBUX          Consumer Discretionary $2,255      $10,334   $7,196    $23,269    $26,278    $1,963
Visa                   V             Information Technology $2,132      $8,718    $7,286    $33,238    $46,605    $2,072
Mastercard             MA            Information Technology $1,803      $6,553    $5,156    $21,721    $30,291    $1,803
DaVita                 DVA           Health Care            $1,764      $1,837    $1,643    $4,973     $5,876     $0
Facebook               FB            Communication Services $1,739      $8,661    $13,886   $26,001    $29,756    $0
Johnson & Johnson      JNJ           Health Care            $1,628      $10,128   $2,875    $35,636    $60,511    $10,029
Morgan Stanley         MS            Financials             $1,538      $5,633    $5,664    $21,297    $24,020    $3,045
McDonald's             MCD           Consumer Discretionary $1,468      $4,458    $5,029    $31,806    $44,772    $3,797
Top 20                                                      $88,629     $309,111  $258,900  $975,307   $1,307,586 $106,257
S&P 500                                                     $175,886    $770,135  $720,397  $3,114,135 $5,160,989 $546,855
Top 20 % of S&P 500                                         50.39%      40.14%    35.94%    31.32%     25.34%     19.43%
Gross values are not adjusted for float
S&P Dow Jones Indices
S&P 500 20 Largest Quarterly Buybacks, $ Millions, as of Q3 2019; Apple added at #8
$ MILLIONS       QUARTER          COMPANY                         SECTOR
$23,811          Q1 2019          Apple                           Information Technology 1
$22,908          Q1 2018          Apple                           Information Technology 2
$21,860          Q2 2018          Apple                           Information Technology 3
$21,162          Q2 2006          QUALCOMM                        Information Technology 4
$19,364          Q3 2018          Apple                           Information Technology 5
$18,154          Q2 2019          Apple                           Information Technology 6
$18,036          Q1 2014          Apple                           Information Technology 7
$17,635          Q3 2019          Apple                           Information Technology 8
$17,319          Q3 2014          Apple                           Information Technology 9
$16,413          Q2 2013          Apple                           Information Technology 10
$15,707          Q3 2007          International Business Machines Information Technology 11
$13,420          Q3 2015          Apple                           Information Technology 12
$12,852          Q4 2013          Johnson & Johnson               Healthcare             13
$12,318          Q4 2016          Allergan plc                    Healthcare             14
$12,183          Q2 2012          Johnson & Johnson               Healthcare             15
$11,480          Q4 2016          Apple                           Information Technology 16
$11,133          Q4 2017          Apple                           Information Technology 17
$10,776          Q2 2016          Apple                           Information Technology 18
$10,724          Q2 2015          Apple                           Information Technology 19
$10,723          Q1 2016          Home Depot                      Consumer Discretionary 20
S&P Dow Jones Indices
S&P 500 Q3 2019 Buyback Report
SECTOR                  DIVIDEND            BUYBACK          COMBINED
                        YIELD               YIELD            YIELD
Consumer Discretionary  1.65%               3.08%            4.73%
Consumer Staples        3.63%               1.78%            5.41%
Energy                  4.11%               1.96%            6.07%
Financials              2.35%               4.83%            7.18%
HealthCare              1.78%               2.56%            4.34%
Industrials             2.02%               3.03%            5.06%
Information Technology  1.44%               3.87%            5.32%
Materials               2.26%               2.67%            4.93%
Real Estate             3.36%               0.41%            3.77%
Communications Services 1.53%               1.49%            3.01%
Utilities               3.17%               0.46%            3.63%
S&P 500                 2.11%               2.96%            5.07%
Uses full values (unadjusted for float)
Dividends based on indicated; buybacks based on the last 12-months ending Q3,'19
Share Count Reduction (SCR)       SCR    SCR
(Y/Y diluted shares used for EPS) >=4%   !!!!=-4%
Q3 2019                           8.62%  22.85%
Q2 2019                           7.98%  24.15%
Q1 2019                           8.03%  24.90%
Q4 2018                           8.45%  18.71%
Q3 2018                           6.43%  17.67%
Q2 2018                           6.20%  15.60%
Q1 2018                           7.01%  13.63%
Q4 2017                           6.83%  15.06%
Q3 2017                           8.62%  14.23%
Q2 2017                           10.00% 14.00%
Q1 2017                           12.00% 14.80%
Q4 2016                           10.48% 19.35%
Q3 2016                           9.94%  23.73%

https://mma.prnewswire.com/media/1056323/SandP_Dow_Jones_Indices_dividends_v_buybacks.jpg

https://mma.prnewswire.com/media/1056322/SandP_Dow_Jones_Indices_buybacks_as_a_percent.jpg

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500(R) and the Dow Jones Industrial Average(R). More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit: www.spdji.com.

https://c212.net/c/img/favicon.png?sn=NY70371&sd=2019-12-17

View original content to download multimedia:http://www.prnewswire.com/news-releases/sp-500-buybacks-reverse-declines-in-q3-2019-expenditures-remain-lower-than-the-2018-levels-300976248.html

SOURCE S&P Dow Jones Indices

https://rt.prnewswire.com/rt.gif?NewsItemId=NY70371&Transmission_Id=201912171204PR_NEWS_USPR_____NY70371&DateId=20191217

Earnings Calendar and Events Data provided by |Terms of Use| © 2020 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2020. All rights reserved.