Community Trust & Investment Co. boosted its position in Bank of America Corporation (NYSE:BAC) by 2.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,075,395 shares of the financial services provider’s stock after buying an additional 21,715 shares during the period. Bank of America Corporation comprises 2.9% of Community Trust & Investment Co.’s holdings, making the stock its 6th largest position. Community Trust & Investment Co.’s holdings in Bank of America Corporation were worth $25,369,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. E&G Advisors LP increased its stake in Bank of America Corporation by 17.3% in the first quarter. E&G Advisors LP now owns 77,370 shares of the financial services provider’s stock worth $1,825,000 after buying an additional 11,435 shares during the period. Adirondack Trust Co. increased its stake in Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock worth $140,000 after buying an additional 519 shares during the period. Park National Corp OH increased its stake in Bank of America Corporation by 0.8% in the first quarter. Park National Corp OH now owns 841,364 shares of the financial services provider’s stock worth $19,848,000 after buying an additional 6,465 shares during the period. Nisa Investment Advisors LLC increased its stake in Bank of America Corporation by 1.5% in the first quarter. Nisa Investment Advisors LLC now owns 3,741,987 shares of the financial services provider’s stock worth $88,271,000 after buying an additional 55,953 shares during the period. Finally, Baldwin Brothers Inc. MA increased its stake in Bank of America Corporation by 3.4% in the first quarter. Baldwin Brothers Inc. MA now owns 350,402 shares of the financial services provider’s stock worth $8,266,000 after buying an additional 11,575 shares during the period. 65.99% of the stock is owned by hedge funds and other institutional investors.

Bank of America Corporation (NYSE:BAC) traded up 0.78% during trading on Tuesday, reaching $24.61. The company’s stock had a trading volume of 17,638,722 shares. Bank of America Corporation has a 52 week low of $14.70 and a 52 week high of $25.80. The company has a market capitalization of $258.81 billion, a PE ratio of 14.66 and a beta of 1.27. The company has a 50 day moving average price of $24.30 and a 200-day moving average price of $23.80.

Bank of America Corporation (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. Bank of America Corporation’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post $1.81 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a dividend of $0.12 per share. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.97%. Bank of America Corporation’s dividend payout ratio (DPR) is presently 17.86%.

Bank of America Corporation declared that its board has authorized a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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BAC has been the subject of a number of research reports. Vining Sparks raised Bank of America Corporation to a “strong-buy” rating and set a $28.00 target price for the company in a report on Wednesday, April 19th. Nomura reaffirmed a “buy” rating on shares of Bank of America Corporation in a report on Wednesday, April 19th. Credit Suisse Group reaffirmed a “buy” rating on shares of Bank of America Corporation in a report on Sunday, June 4th. Berenberg Bank downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and lifted their target price for the stock from $15.00 to $22.00 in a report on Monday, April 24th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $28.00 target price (up previously from $26.00) on shares of Bank of America Corporation in a report on Saturday, April 22nd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $23.94.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.18% of the company’s stock.

Bank of America Corporation 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.

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Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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