Smead Capital Management Inc. lessened its position in Bank of America Corporation (NYSE:BAC) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,557,320 shares of the financial services provider’s stock after selling 114,913 shares during the quarter. Bank of America Corporation makes up about 5.3% of Smead Capital Management Inc.’s investment portfolio, making the stock its 6th largest holding. Smead Capital Management Inc.’s holdings in Bank of America Corporation were worth $110,561,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust lifted its stake in shares of Bank of America Corporation by 5.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 24,317 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 1,271 shares during the period. Sanders Capital LLC lifted its stake in shares of Bank of America Corporation by 0.8% in the 2nd quarter. Sanders Capital LLC now owns 29,023,032 shares of the financial services provider’s stock valued at $777,151,000 after purchasing an additional 243,217 shares during the period. Janney Capital Management LLC lifted its stake in shares of Bank of America Corporation by 1.2% in the 2nd quarter. Janney Capital Management LLC now owns 24,892 shares of the financial services provider’s stock valued at $603,000 after purchasing an additional 300 shares during the period. Schnieders Capital Management LLC lifted its stake in shares of Bank of America Corporation by 12.6% in the 2nd quarter. Schnieders Capital Management LLC now owns 160,569 shares of the financial services provider’s stock valued at $3,895,000 after purchasing an additional 17,975 shares during the period. Finally, IBM Retirement Fund lifted its stake in shares of Bank of America Corporation by 67.5% in the 2nd quarter. IBM Retirement Fund now owns 243,850 shares of the financial services provider’s stock valued at $6,611,000 after purchasing an additional 98,255 shares during the period. Institutional investors own 61.63% of the company’s stock.

In related news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now directly owns 50,000 shares in the company, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.18% of the company’s stock.

A number of research firms have recently commented on BAC. Vetr cut Bank of America Corporation from a “strong-buy” rating to a “hold” rating and set a $24.86 target price for the company. in a research note on Wednesday, September 13th. BidaskClub cut Bank of America Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Robert W. Baird restated a “hold” rating and issued a $24.00 target price on shares of Bank of America Corporation in a research note on Friday, August 25th. Jefferies Group LLC restated a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a research note on Friday, August 11th. Finally, Wells Fargo & Company began coverage on Bank of America Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $24.41.

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Bank of America Corporation (NYSE:BAC) opened at 25.16 on Friday. The stock has a market capitalization of $264.59 billion, a P/E ratio of 14.99 and a beta of 1.26. The stock has a 50 day moving average price of $24.04 and a 200 day moving average price of $23.79. Bank of America Corporation has a 12 month low of $14.81 and a 12 month high of $25.80.

Bank of America Corporation (NYSE:BAC) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $21.84 billion. During the same period last year, the firm earned $0.41 EPS. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Equities analysts predict that Bank of America Corporation will post $1.81 EPS for the current fiscal year.

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

The company also recently disclosed 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 annualized dividend and a yield of 1.91%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s payout ratio is presently 28.57%.

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.

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

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