Investors purchased shares of Bank of America Corporation (NYSE:BAC) on weakness during trading on Monday. $160.08 million flowed into the stock on the tick-up and $135.87 million flowed out of the stock on the tick-down, for a money net flow of $24.21 million into the stock. Of all companies tracked, Bank of America Corporation had the 18th highest net in-flow for the day. Bank of America Corporation traded down ($0.01) for the day and closed at $24.96

Several research firms have commented on BAC. Nomura reissued a “buy” rating on shares of Bank of America Corporation in a research report on Wednesday, April 19th. Vetr raised shares of Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price target for the company in a research report on Thursday, June 15th. Instinet reissued a “buy” rating and set a $27.00 price target on shares of Bank of America Corporation in a research report on Saturday, July 22nd. Barclays PLC reissued an “equal weight” rating and set a $28.00 price target (up from $26.00) on shares of Bank of America Corporation in a research report on Saturday, April 22nd. Finally, BMO Capital Markets reissued a “hold” rating and set a $21.00 price target on shares of Bank of America Corporation in a research report on Tuesday, April 11th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. Bank of America Corporation has an average rating of “Buy” and a consensus target price of $23.74.

The company has a market cap of $262.49 billion, a PE ratio of 14.87 and a beta of 1.27. The stock’s 50 day moving average price is $24.01 and its 200-day moving average price is $23.69.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping 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 analyst estimates of $21.84 billion. During the same quarter in the prior year, the company posted $0.41 earnings per share. Bank of America Corporation’s quarterly revenue was up 7.1% on a year-over-year basis. Equities analysts expect that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

The firm 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 dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Wednesday, August 30th. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is currently 17.86%.

Bank of America Corporation declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America Corporation during the second quarter worth $100,000. Armbruster Capital Management Inc. raised its stake in Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares during the period. Integrated Investment Consultants LLC raised its stake in Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock valued at $103,000 after buying an additional 500 shares during the period. Chicago Partners Investment Group LLC raised its stake in Bank of America Corporation by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after buying an additional 450 shares during the period. Finally, Gradient Investments LLC raised its stake in Bank of America Corporation by 18.2% in the first quarter. Gradient Investments LLC now owns 4,542 shares of the financial services provider’s stock valued at $107,000 after buying an additional 700 shares during the period. 66.42% of the stock is currently owned by hedge funds and other institutional investors.

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Bank of America Corporation 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.

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