Fort Point Capital Partners LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 10,042 shares of the financial services provider’s stock, valued at approximately $237,000.

A number of other hedge funds have also recently made changes to their positions in the stock. River & Mercantile Asset Management LLP bought a new stake in shares of Bank of America Corporation during the fourth quarter worth about $9,686,000. Lincoln Capital Corp bought a new stake in shares of Bank of America Corporation during the fourth quarter worth about $819,000. Lincluden Management Ltd. increased its stake in shares of Bank of America Corporation by 8.1% in the fourth quarter. Lincluden Management Ltd. now owns 457,961 shares of the financial services provider’s stock worth $10,121,000 after buying an additional 34,287 shares during the last quarter. Ibex Wealth Advisors increased its stake in shares of Bank of America Corporation by 324.3% in the fourth quarter. Ibex Wealth Advisors now owns 48,413 shares of the financial services provider’s stock worth $1,096,000 after buying an additional 37,004 shares during the last quarter. Finally, Pekin Singer Strauss Asset Management IL increased its stake in shares of Bank of America Corporation by 6.5% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 24,640 shares of the financial services provider’s stock worth $545,000 after buying an additional 1,500 shares during the last quarter. 66.42% of the stock is currently owned by institutional investors.

Bank of America Corporation (NYSE BAC) traded down 0.62% during mid-day trading on Friday, hitting $23.97. The stock had a trading volume of 26,002,009 shares. The firm’s 50-day moving average price is $24.22 and its 200 day moving average price is $23.78. Bank of America Corporation has a one year low of $14.70 and a one year high of $25.80. The company has a market cap of $252.08 billion, a PE ratio of 14.28 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $22.80 billion for 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%. Bank of America Corporation’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 EPS. On average, equities research analysts anticipate 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 authorized a stock repurchase 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 reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders 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 yield of 1.99%. 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 (DPR) is currently 17.86%.

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