Aspen Investment Management Inc increased its stake in shares of Bank of America Corp. (NYSE:BAC) by 20.1% during the second quarter, Holdings Channel reports. The fund owned 32,543 shares of the financial services provider’s stock after buying an additional 5,450 shares during the period. Aspen Investment Management Inc’s holdings in Bank of America Corp. were worth $432,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Reliance Trust Co. of Delaware boosted its stake in Bank of America Corp. by 12.4% in the fourth quarter. Reliance Trust Co. of Delaware now owns 64,948 shares of the financial services provider’s stock valued at $1,093,000 after buying an additional 7,162 shares during the last quarter. Chevy Chase Trust Holdings Inc. boosted its stake in Bank of America Corp. by 5.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 9,158,602 shares of the financial services provider’s stock valued at $123,825,000 after buying an additional 503,495 shares during the last quarter. Community Trust & Investment Co. boosted its stake in Bank of America Corp. by 1,189.8% in the first quarter. Community Trust & Investment Co. now owns 1,055,178 shares of the financial services provider’s stock valued at $14,266,000 after buying an additional 973,369 shares during the last quarter. Berson & Corrado Investment Advisors LLC boosted its stake in Bank of America Corp. by 3.5% in the first quarter. Berson & Corrado Investment Advisors LLC now owns 235,422 shares of the financial services provider’s stock valued at $3,183,000 after buying an additional 7,933 shares during the last quarter. Finally, Needelman Asset Management Inc. boosted its stake in Bank of America Corp. by 2.2% in the first quarter. Needelman Asset Management Inc. now owns 74,556 shares of the financial services provider’s stock valued at $1,008,000 after buying an additional 1,635 shares during the last quarter. Institutional investors and hedge funds own 60.86% of the company’s stock.

Shares of Bank of America Corp. (NYSE:BAC) opened at 15.49 on Friday. The firm has a 50-day moving average of $15.24 and a 200 day moving average of $14.21. Bank of America Corp. has a 52 week low of $10.99 and a 52 week high of $18.09. The firm has a market capitalization of $162.90 billion, a price-to-earnings ratio of 12.98 and a beta of 1.67.

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

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd will be given a $0.075 dividend. This is a boost from Bank of America Corp.’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a yield of 1.94%. The ex-dividend date is Wednesday, August 31st. Bank of America Corp.’s dividend payout ratio is 24.59%.

BAC has been the subject of several research reports. Vetr cut shares of Bank of America Corp. from a “buy” rating to a “hold” rating and set a $15.29 target price for the company. in a research note on Wednesday, May 25th. TheStreet upgraded shares of Bank of America Corp. to a “buy” rating in a research note on Thursday, May 26th. Raymond James Financial Inc. reiterated an “outperform” rating on shares of Bank of America Corp. in a research note on Friday, June 3rd. Deutsche Bank AG reissued a “buy” rating on shares of Bank of America Corp. in a research report on Saturday, June 4th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $17.00 price target on shares of Bank of America Corp. in a research report on Monday, June 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Bank of America Corp. presently has a consensus rating of “Buy” and a consensus price target of $25.04.

In other Bank of America Corp. news, Director Thomas D. Woods purchased 25,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was purchased at an average cost of $14.13 per share, for a total transaction of $353,250.00. Following the transaction, the director now owns 32,459 shares in the company, valued at approximately $458,645.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.18% of the stock is currently owned by company insiders.

About Bank of America Corp.

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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