Carlton Hofferkamp & Jenks Wealth Management LLC trimmed its position in Bank of America Corporation (NYSE:BAC) by 3.2% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 60,497 shares of the financial services provider’s stock after selling 1,999 shares during the period. Bank of America Corporation comprises approximately 1.0% of Carlton Hofferkamp & Jenks Wealth Management LLC’s holdings, making the stock its 24th largest holding. Carlton Hofferkamp & Jenks Wealth Management LLC’s holdings in Bank of America Corporation were worth $1,467,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Capital Management Corp VA lifted its stake in shares of Bank of America Corporation by 0.3% in the 1st quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 33 shares during the period. Welch Group LLC lifted its stake in shares of Bank of America Corporation by 0.4% in the 1st quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 42 shares during the period. Tiemann Investment Advisors LLC lifted its stake in shares of Bank of America Corporation by 0.3% in the 1st quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock valued at $470,000 after purchasing an additional 52 shares during the period. Logan Capital Management Inc. lifted its stake in shares of Bank of America Corporation by 0.4% in the 1st quarter. Logan Capital Management Inc. now owns 14,632 shares of the financial services provider’s stock valued at $345,000 after purchasing an additional 61 shares during the period. Finally, WealthTrust Axiom LLC lifted its stake in shares of Bank of America Corporation by 0.3% in the 1st quarter. WealthTrust Axiom LLC now owns 23,366 shares of the financial services provider’s stock valued at $551,000 after purchasing an additional 70 shares during the period. Hedge funds and other institutional investors own 61.66% of the company’s stock.

In related 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 in the company, valued at approximately $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.18% of the company’s stock.

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BAC has been the topic of a number of analyst reports. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. CIBC reissued an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 11th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 4th. Vetr downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price target on the stock. in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price target on shares of Bank of America Corporation in a research note on Friday, August 11th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. Bank of America Corporation currently has an average rating of “Buy” and an average target price of $24.41.

Bank of America Corporation (NYSE:BAC) traded up 0.58% during trading on Friday, reaching $24.38. The company had a trading volume of 85,937,551 shares. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80. The company has a 50-day moving average price of $24.00 and a 200 day moving average price of $23.82. The company has a market capitalization of $256.39 billion, a price-to-earnings ratio of 14.52 and a beta of 1.26.

Bank of America Corporation (NYSE:BAC) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the Zacks’ 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 quarter in the prior year, the business posted $0.41 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post $1.81 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date 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 is currently 28.57%.

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

Bank of America Corporation 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.

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

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