Tiaa Fsb bought a new position in shares of Bank of America Corp (NYSE:BAC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 98,916 shares of the financial services provider’s stock, valued at approximately $2,400,000.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Gateway Advisory LLC increased its stake in Bank of America by 0.4% in the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 45 shares during the last quarter. Arbor Investment Advisors LLC increased its stake in Bank of America by 0.3% in the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after purchasing an additional 46 shares during the last quarter. Lbmc Investment Advisors LLC increased its stake in Bank of America by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 51 shares during the last quarter. Tiemann Investment Advisors LLC increased its stake in Bank of America by 0.3% in the first quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock valued at $470,000 after purchasing an additional 52 shares during the last quarter. Finally, TCI Wealth Advisors Inc. increased its stake in Bank of America by 0.4% in the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 54 shares during the last quarter. Hedge funds and other institutional investors own 68.28% of the company’s stock.

Shares of Bank of America Corp (NYSE BAC) opened at $28.10 on Monday. Bank of America Corp has a fifty-two week low of $21.02 and a fifty-two week high of $28.72. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $293,100.16, a price-to-earnings ratio of 16.06, a P/E/G ratio of 1.94 and a beta of 1.31.

Bank of America (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same quarter last year, the company earned $0.41 earnings per share. Bank of America’s quarterly revenue was up 2.1% compared to the same quarter last year. analysts anticipate that Bank of America Corp will post 1.81 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is currently 27.43%.

BAC has been the topic of several recent analyst reports. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target on the stock in a research note on Monday, October 16th. Jefferies Group restated a “buy” rating and set a $28.00 target price on shares of Bank of America in a research report on Friday, August 11th. Deutsche Bank restated a “hold” rating and set a $25.00 target price (up from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Finally, Royal Bank Of Canada raised their target price on shares of Bank of America from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $26.25.

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Bank of America 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.

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

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