Telemus Capital LLC continued to hold its position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 66,306 shares of the financial services provider’s stock at the close of the 2nd quarter. Telemus Capital LLC’s holdings in Bank of America Corporation were worth $1,609,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tarbox Family Office Inc. increased its holdings in shares of Bank of America Corporation by 0.4% during the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after buying an additional 21 shares in the last quarter. Capital Management Corp VA increased its holdings in shares of Bank of America Corporation by 0.3% during the first quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock worth $244,000 after buying an additional 33 shares in the last quarter. Welch Group LLC increased its holdings in shares of Bank of America Corporation by 0.4% during the first quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock worth $237,000 after buying an additional 42 shares in the last quarter. Gateway Advisory LLC increased its holdings in shares of Bank of America Corporation by 0.4% during the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock worth $244,000 after buying an additional 45 shares in the last quarter. Finally, Arbor Investment Advisors LLC increased its holdings in shares of Bank of America Corporation by 0.3% during the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock worth $348,000 after buying an additional 46 shares in the last quarter. 61.64% of the stock is owned by institutional investors.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction on 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 completion of the sale, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.18% of the company’s stock.

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Shares of Bank of America Corporation (NYSE BAC) opened at 26.21 on Friday. The company has a 50-day moving average of $24.41 and a 200 day moving average of $23.83. The company has a market capitalization of $275.64 billion, a PE ratio of 15.61 and a beta of 1.25. Bank of America Corporation has a 52-week low of $15.60 and a 52-week high of $26.30. Bank of America Corporation also was the target of unusually large options trading activity on Thursday. Traders bought 245,085 call options on the company. This represents an increase of 125% compared to the average daily volume of 109,122 call options.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the company posted $0.41 earnings per share. Analysts predict that Bank of America Corporation will post $1.80 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.83%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.

Bank of America Corporation announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Several analysts have recently weighed in on the stock. Vetr raised shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective for the company in a report on Wednesday, August 30th. Instinet reaffirmed a “buy” rating and set a $27.00 price objective on shares of Bank of America Corporation in a report on Saturday, July 22nd. Wells Fargo & Company began coverage on shares of Bank of America Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price target for the company. Buckingham Research reissued a “buy” rating and issued a $30.00 price target (up previously from $27.00) on shares of Bank of America Corporation in a report on Monday, July 10th. Finally, Robert W. Baird reissued a “hold” rating and issued a $24.00 price target on shares of Bank of America Corporation in a report on Sunday, October 1st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $24.80.

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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