Oakbrook Investments LLC reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 12.7% during the second quarter, Holdings Channel reports. The institutional investor owned 534,395 shares of the financial services provider’s stock after selling 77,850 shares during the period. Oakbrook Investments LLC’s holdings in Bank of America Corporation were worth $12,964,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Northwest Investment Counselors LLC acquired a new position in Bank of America Corporation during the second quarter worth about $100,000. Armbruster Capital Management Inc. boosted its position 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 worth $102,000 after buying an additional 423 shares in the last quarter. Integrated Investment Consultants LLC boosted its position 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 worth $103,000 after buying an additional 500 shares in the last quarter. Gradient Investments LLC boosted its position 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 worth $107,000 after buying an additional 700 shares in the last quarter. Finally, Tarbox Family Office Inc. boosted its position in Bank of America Corporation by 0.4% in 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. Hedge funds and other institutional investors own 66.42% of the company’s stock.

Shares of Bank of America Corporation (NYSE:BAC) traded down 1.82% during midday trading on Thursday, reaching $24.29. The company had a trading volume of 38,053,779 shares. The company has a market capitalization of $255.44 billion, a P/E ratio of 14.47 and a beta of 1.27. Bank of America Corporation has a one year low of $14.70 and a one year high of $25.80. The company 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 posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 EPS. Equities analysts anticipate that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

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

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.94%. Bank of America Corporation’s dividend payout ratio (DPR) is presently 17.86%.

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A number of analysts have recently commented on the company. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $30.00 price target (up from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. Wells Fargo & Company assumed coverage on Bank of America Corporation in a research note on Wednesday. They set an “outperform” rating and a $30.00 price target on the stock. Royal Bank Of Canada reissued a “buy” rating and set a $26.00 price target on shares of Bank of America Corporation in a research note on Thursday, July 20th. Finally, Vetr raised Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price target on the stock in a research note on Thursday, June 15th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. Bank of America Corporation currently has an average rating of “Buy” and a consensus 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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