InterOcean Capital LLC boosted its holdings in shares of Bank of America Corp (NYSE:BAC) by 264.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 196,419 shares of the financial services provider’s stock after acquiring an additional 142,520 shares during the period. InterOcean Capital LLC’s holdings in Bank of America were worth $4,765,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Vanguard Group Inc. grew its holdings in shares of Bank of America by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after buying an additional 9,117,007 shares during the period. Korea Investment CORP grew its holdings in shares of Bank of America by 0.5% in the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after buying an additional 390,771 shares during the period. TIAA CREF Investment Management LLC grew its holdings in shares of Bank of America by 1.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after buying an additional 1,079,788 shares during the period. Legal & General Group Plc grew its holdings in shares of Bank of America by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after buying an additional 1,007,405 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of Bank of America by 0.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 33,108,834 shares of the financial services provider’s stock valued at $803,221,000 after buying an additional 173,379 shares during the period. 68.56% of the stock is owned by hedge funds and other institutional investors.

Shares of Bank of America Corp (NYSE:BAC) opened at $29.05 on Monday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 52-week low of $21.77 and a 52-week high of $29.31. The company has a market cap of $303,009.22, a PE ratio of 16.60, a price-to-earnings-growth ratio of 2.01 and a beta of 1.31.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. During the same period in the previous year, the firm posted $0.41 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. sell-side analysts anticipate that Bank of America Corp will post 1.81 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.65%. Bank of America’s dividend payout ratio (DPR) is presently 27.43%.

Several equities analysts have recently issued reports on the stock. Robert W. Baird reissued a “hold” rating and issued a $24.00 price target on shares of Bank of America in a report on Sunday, October 1st. Deutsche Bank reissued a “hold” rating and issued a $25.00 price target (up previously from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Royal Bank Of Canada reissued a “buy” rating and issued a $30.00 price target on shares of Bank of America in a report on Friday. BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Finally, Vetr raised shares of Bank of America from a “sell” rating to a “hold” rating and set a $25.61 price target for the company in a report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given a buy rating and three have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $26.32.

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About Bank of America

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 (NYSE:BAC)

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