Baystate Wealth Management LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 6.5% during the second quarter, Holdings Channel reports. The firm owned 13,204 shares of the financial services provider’s stock after buying an additional 806 shares during the period. Baystate Wealth Management LLC’s holdings in Bank of America Corporation were worth $317,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. UBS Asset Management Americas Inc. boosted its stake in shares of Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock valued at $933,718,000 after buying an additional 8,595,423 shares during the period. Investec Asset Management LTD boosted its stake in shares of Bank of America Corporation by 163.4% in the first quarter. Investec Asset Management LTD now owns 10,540,710 shares of the financial services provider’s stock valued at $248,655,000 after buying an additional 6,538,908 shares during the period. Karp Capital Management Corp acquired a new stake in shares of Bank of America Corporation during the first quarter valued at about $91,522,000. Artisan Partners Limited Partnership boosted its stake in shares of Bank of America Corporation by 56.2% in the first quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the financial services provider’s stock valued at $246,799,000 after buying an additional 3,764,582 shares during the period. Finally, Old Mutual Global Investors UK Ltd. boosted its stake in shares of Bank of America Corporation by 98.4% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 7,352,057 shares of the financial services provider’s stock valued at $173,435,000 after buying an additional 3,647,032 shares during the period. 66.42% of the stock is currently owned by institutional investors.

Shares of Bank of America Corporation (NYSE:BAC) traded down 1.057% during trading on Friday, reaching $23.865. The company had a trading volume of 37,686,493 shares. The company has a market capitalization of $250.98 billion, a P/E ratio of 14.214 and a beta of 1.27. The firm has a 50-day moving average price of $24.23 and a 200-day moving average price of $23.78. Bank of America Corporation has a 52-week low of $14.70 and a 52-week high of $25.80.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. During the same quarter last year, the firm earned $0.41 EPS. Bank of America Corporation’s quarterly revenue was up 7.1% on a year-over-year basis. On average, analysts predict that Bank of America Corporation will post $1.82 EPS for the current fiscal year.

Bank of America Corporation announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that allows the company to buyback $12.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend is Wednesday, August 30th. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is 17.86%.

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Several research firms have recently commented on BAC. Vetr lowered Bank of America Corporation from a “hold” rating to a “sell” rating and set a $23.52 price target on the stock. in a report on Tuesday, July 4th. Vining Sparks upgraded Bank of America Corporation to a “strong-buy” rating and set a $28.00 price target on the stock in a report on Wednesday, April 19th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Wednesday, May 3rd. Jefferies Group LLC reiterated a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a report on Friday, May 5th. Finally, Barclays PLC reiterated an “equal weight” rating and set a $28.00 price target (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 issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Bank of America Corporation currently has a consensus rating of “Buy” and a consensus price target of $23.94.

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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