Doyle Wealth Management raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 10.0% during the second quarter, Holdings Channel reports. The institutional investor owned 12,073 shares of the financial services provider’s stock after buying an additional 1,100 shares during the period. Doyle Wealth Management’s holdings in Bank of America Corporation were worth $293,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America Corporation during the second quarter valued at approximately $100,000. Armbruster Capital Management Inc. raised its stake in shares of Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares in the last quarter. Integrated Investment Consultants LLC raised its stake in shares of Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock valued at $103,000 after buying an additional 500 shares in the last quarter. Gradient Investments LLC raised its stake in shares of Bank of America Corporation by 18.2% in the first quarter. Gradient Investments LLC now owns 4,542 shares of the financial services provider’s stock valued at $107,000 after buying an additional 700 shares in the last quarter. Finally, Tarbox Family Office Inc. raised its stake in shares of Bank of America Corporation by 0.4% in the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after buying an additional 21 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Bank of America Corporation (NYSE:BAC) traded up 0.553% on Tuesday, reaching $24.555. 24,616,735 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. The company has a market cap of $258.23 billion, a P/E ratio of 14.625 and a beta of 1.27. Bank of America Corporation has a 12-month low of $14.70 and a 12-month high of $25.80.

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 business also recently announced 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 a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is presently 17.86%.

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Several analysts have recently commented on the company. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. 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. 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. Vetr raised Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 target price on the stock in a research report on Thursday, June 15th. Finally, 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. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Bank of America Corporation presently has an average rating of “Buy” and a consensus price target 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 transaction of $2,096,194.08. Following the transaction, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate 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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