Whittier Trust Co. of Nevada Inc. cut its position in shares of Bank of America Corporation (NYSE:BAC) by 3.7% during the second quarter, Holdings Channel reports. The firm owned 85,779 shares of the financial services provider’s stock after selling 3,265 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Bank of America Corporation were worth $2,080,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in BAC. Bollard Group LLC boosted its stake in shares of Bank of America Corporation by 1.0% in the second quarter. Bollard Group LLC now owns 150,235 shares of the financial services provider’s stock worth $3,645,000 after buying an additional 1,435 shares during the period. Highland Capital Management LLC boosted its stake in shares of Bank of America Corporation by 0.9% in the second quarter. Highland Capital Management LLC now owns 775,320 shares of the financial services provider’s stock worth $18,809,000 after buying an additional 6,901 shares during the period. BTIM Corp. boosted its stake in shares of Bank of America Corporation by 37.7% in the second quarter. BTIM Corp. now owns 30,054 shares of the financial services provider’s stock worth $729,000 after buying an additional 8,234 shares during the period. Bedrijfstakpensioenfonds Voor DE Media PNO boosted its stake in shares of Bank of America Corporation by 241.4% in the second quarter. Bedrijfstakpensioenfonds Voor DE Media PNO now owns 231,806 shares of the financial services provider’s stock worth $5,624,000 after buying an additional 163,906 shares during the period. Finally, Patten & Patten Inc. TN boosted its stake in shares of Bank of America Corporation by 4.7% in the second quarter. Patten & Patten Inc. TN now owns 232,724 shares of the financial services provider’s stock worth $5,646,000 after buying an additional 10,474 shares during the period. 66.42% of the stock is owned by hedge funds and other institutional investors.

Bank of America Corporation (NYSE BAC) traded down 1.835% during midday trading on Thursday, hitting $24.286. 38,048,078 shares of the stock traded hands. The firm has a market cap of $255.40 billion, a P/E ratio of 14.465 and a beta of 1.27. Bank of America Corporation has a 1-year low of $14.70 and a 1-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 announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates 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 revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 EPS. Analysts predict that Bank of America Corporation will post $1.82 EPS for the current year.

Bank of America Corporation announced that its Board of Directors has approved a stock buyback plan 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 buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

The firm also recently declared 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 represents a $0.48 annualized dividend and a yield of 1.94%. The ex-dividend date 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 payout ratio is 17.86%.

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A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a research report on Wednesday. They issued an “outperform” rating and a $30.00 price target for the company. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Instinet reissued a “buy” rating and issued a $27.00 price target on shares of Bank of America Corporation in a research report on Saturday, July 22nd. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $30.00 price target (up from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. Finally, UBS AG restated a “neutral” rating and issued a $26.00 price objective on shares of Bank of America Corporation in a research note on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $23.94.

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

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