Adams Diversified Equity Fund Inc. maintained its position in Bank of America Corp. (NYSE:BAC) during the second quarter, Holdings Channel reports. The institutional investor owned 949,900 shares of the financial services provider’s stock at the end of the second quarter. Adams Diversified Equity Fund Inc.’s holdings in Bank of America Corp. were worth $12,605,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Kovitz Investment Group Partners LLC purchased a new position in Bank of America Corp. during the first quarter valued at approximately $63,055,000. Mutual of Omaha Bank Wealth Management raised its position in Bank of America Corp. by 7.1% in the second quarter. Mutual of Omaha Bank Wealth Management now owns 80,325 shares of the financial services provider’s stock valued at $1,369,000 after buying an additional 5,325 shares during the period. Legal & General Group Plc raised its position in Bank of America Corp. by 2.2% in the first quarter. Legal & General Group Plc now owns 48,567,933 shares of the financial services provider’s stock valued at $656,688,000 after buying an additional 1,066,593 shares during the period. Investec Asset Management LTD raised its position in Bank of America Corp. by 125.1% in the first quarter. Investec Asset Management LTD now owns 3,383,418 shares of the financial services provider’s stock valued at $45,744,000 after buying an additional 1,880,545 shares during the period. Finally, AIMZ Investment Advisors LLC raised its position in Bank of America Corp. by 6.4% in the first quarter. AIMZ Investment Advisors LLC now owns 24,319 shares of the financial services provider’s stock valued at $329,000 after buying an additional 1,473 shares during the period. 60.86% of the stock is currently owned by institutional investors.

Shares of Bank of America Corp. (NYSE:BAC) traded down 1.15% during midday trading on Friday, reaching $15.49. The company’s stock had a trading volume of 90,926,246 shares. The stock has a 50-day moving average price of $15.24 and a 200 day moving average price of $14.21. Bank of America Corp. has a 52 week low of $10.99 and a 52 week high of $18.09. The stock has a market capitalization of $162.90 billion, a PE ratio of 12.98 and a beta of 1.67.

Bank of America Corp. (NYSE:BAC) last issued its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The firm earned $20.60 million during the quarter, compared to analyst estimates of $20.41 billion. Bank of America Corp. had a return on equity of 6.23% and a net margin of 16.31%. The firm’s quarterly revenue was down 7.2% on a year-over-year basis. During the same period last year, the company posted $0.45 EPS. Equities analysts forecast that Bank of America Corp. will post $1.26 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This is a positive change from Bank of America Corp.’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a dividend yield of 1.94%. Bank of America Corp.’s dividend payout ratio (DPR) is currently 24.59%.

Several brokerages have weighed in on BAC. Robert W. Baird upgraded Bank of America Corp. from a “neutral” rating to an “outperform” rating in a research note on Thursday, August 25th. Vetr upgraded Bank of America Corp. from a “hold” rating to a “buy” rating and set a $16.56 target price on the stock in a research note on Monday, August 29th. Goldman Sachs Group Inc. reiterated a “conviction-buy” rating and issued a $17.00 target price on shares of Bank of America Corp. in a research note on Friday, August 26th. Macquarie upgraded Bank of America Corp. from an “underperform” rating to a “neutral” rating in a research note on Thursday, August 25th. Finally, Sanford C. Bernstein upgraded Bank of America Corp. from a “neutral” rating to an “outperform” rating and set a $19.00 target price on the stock in a research note on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Bank of America Corp. currently has a consensus rating of “Buy” and an average price target of $25.04.

In related news, Director Thomas D. Woods acquired 25,000 shares of Bank of America Corp. stock in a transaction dated Tuesday, August 2nd. The stock was acquired at an average cost of $14.13 per share, with a total value of $353,250.00. Following the purchase, the director now directly owns 32,459 shares in the company, valued at approximately $458,645.67. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.18% of the company’s stock.

Bank of America Corp. Company Profile

Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.

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