Asset Advisors Corp lowered its position in Bank of America Corporation (NYSE:BAC) by 11.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,602 shares of the financial services provider’s stock after selling 1,000 shares during the period. Asset Advisors Corp’s holdings in Bank of America Corporation were worth $184,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. E&G Advisors LP increased its position 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 valued at $1,825,000 after buying an additional 11,435 shares during the last quarter. Adirondack Trust Co. increased its position 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 valued at $140,000 after buying an additional 519 shares during the last quarter. Park National Corp OH increased its position 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 valued at $19,848,000 after buying an additional 6,465 shares during the last quarter. Nisa Investment Advisors LLC increased its position 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 valued at $88,271,000 after buying an additional 55,953 shares during the last quarter. Finally, Baldwin Brothers Inc. MA increased its position 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 valued at $8,266,000 after buying an additional 11,575 shares during the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Corporation (NYSE:BAC) traded up 0.5500% on Tuesday, reaching $24.5543. 24,615,922 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $24.30 and a 200-day moving average of $23.80. Bank of America Corporation has a 12-month low of $14.70 and a 12-month high of $25.80. The company has a market cap of $258.22 billion, a P/E ratio of 14.6244 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last issued its 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. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The company had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same period in the prior year, the business posted $0.41 earnings per share. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities analysts expect that Bank of America Corporation will post $1.81 EPS for the current fiscal year.

Bank of America Corporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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

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Several equities analysts recently issued reports on the company. Jefferies Group LLC reissued a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a research report on Friday. Wells Fargo & Company assumed coverage on Bank of America Corporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price on the stock. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Instinet reissued a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a research report on Saturday, July 22nd. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $30.00 target price (up from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $23.94.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is owned by corporate insiders.

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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