Schwab Charles Investment Management Inc. increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,935,455 shares of the financial services provider’s stock after buying an additional 384,349 shares during the period. Bank of America Corporation comprises 0.8% of Schwab Charles Investment Management Inc.’s portfolio, making the stock its 21st largest position. Schwab Charles Investment Management Inc.’s holdings in Bank of America Corporation were worth $776,948,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Dodge & Cox bought a new stake in shares of Bank of America Corporation during the fourth quarter valued at about $4,159,570,000. Norges Bank bought a new stake in shares of Bank of America Corporation during the fourth quarter valued at about $2,256,221,000. UBS Asset Management Americas Inc. raised 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 raised 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. Finally, Karp Capital Management Corp bought a new stake in shares of Bank of America Corporation during the first quarter valued at about $91,522,000. 66.42% of the stock is currently owned by institutional investors.

Shares of Bank of America Corporation (BAC) traded down 1.395% during trading on Thursday, reaching $24.395. 20,255,399 shares of the company’s stock were exchanged. The firm has a market cap of $256.55 billion, a price-to-earnings ratio of 14.529 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. The stock has a 50-day moving average price of $24.20 and a 200 day moving average price of $23.77.

Bank of America Corporation (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 EPS. On average, analysts forecast that Bank of America Corporation will post $1.82 EPS for the current year.

The company also recently declared 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 is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Wednesday, August 30th. Bank of America Corporation’s payout ratio is currently 17.86%.

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

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Several equities research analysts recently issued reports on BAC shares. Vetr lowered shares of 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 raised shares of Bank of America Corporation to a “strong-buy” rating and set a $28.00 target price on the stock in a report on Wednesday, April 19th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a report on Wednesday, May 3rd. Jefferies Group LLC reissued a “buy” rating and set a $28.00 target price on shares of Bank of America Corporation in a report on Friday, May 5th. Finally, Barclays PLC reissued an “equal weight” rating and set a $28.00 target price (up 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 given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $23.94.

About Bank of America Corporation

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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