Mitchell Mcleod Pugh & Williams Inc. reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 0.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 29,119 shares of the financial services provider’s stock after selling 150 shares during the period. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Bank of America Corporation were worth $706,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Tarbox Family Office Inc. boosted its stake 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 during the period. Capital Management Corp VA boosted its stake in Bank of America Corporation by 0.3% in 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 during the period. Welch Group LLC boosted its stake in Bank of America Corporation by 0.4% in 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 during the period. Arbor Investment Advisors LLC boosted its stake in Bank of America Corporation by 0.3% in 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 during the period. Finally, Tiemann Investment Advisors LLC boosted its stake in Bank of America Corporation by 0.3% in the first quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock worth $470,000 after buying an additional 52 shares during the period. Institutional investors and hedge funds own 66.42% of the company’s stock.

Shares of Bank of America Corporation (NYSE:BAC) traded down 1.08% during midday trading on Friday, reaching $23.86. 37,689,793 shares of the company’s stock traded hands. Bank of America Corporation has a 52 week low of $14.70 and a 52 week high of $25.80. The company has a market capitalization of $250.92 billion, a PE ratio of 14.21 and a beta of 1.27. The stock’s 50 day moving average is $24.22 and its 200-day moving average is $23.78.

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 for the quarter, beating analysts’ consensus estimates 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 business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter last year, the business posted $0.41 earnings per share. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, analysts forecast that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

Bank of America Corporation declared that its Board of Directors has authorized a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.99%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is currently 17.86%.

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A number of analysts recently commented on the stock. Vetr upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 target price for the company in a research note on Friday, July 14th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $30.00 target price (up from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. UBS AG reiterated a “neutral” rating and issued a $26.00 target price on shares of Bank of America Corporation in a research note on Friday, July 21st. Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a research note on Wednesday. They issued an “outperform” rating and a $30.00 target price for the company. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a research note on Wednesday, June 7th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average 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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