Bank of America Corporation (NYSE:BAC) Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Shares of Bank of America Corporation (NYSE:BAC) traded down 1.08% during mid-day trading on Friday, hitting $23.86. 68,137,654 shares of the stock traded hands. The company has a market cap of $250.92 billion, a P/E ratio of 14.21 and a beta of 1.27. The stock has a 50 day moving average price of $24.22 and a 200-day moving average price of $23.78. Bank of America Corporation has a one year low of $14.70 and a one year high of $25.80.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 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%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. On average, analysts forecast that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

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 issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.01%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s payout ratio is 17.86%.

Bank of America Corporation announced that its Board of Directors has approved a share repurchase 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 repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

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Several analysts have commented on BAC shares. Nomura restated a “buy” rating on shares of Bank of America Corporation in a research note on Wednesday, April 19th. Vining Sparks upgraded shares of Bank of America Corporation to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Wednesday, April 19th. Barclays PLC restated an “equal weight” rating and set a $28.00 price objective (up from $26.00) on shares of Bank of America Corporation in a research note on Saturday, April 22nd. Berenberg Bank cut shares of Bank of America Corporation from a “buy” rating to a “hold” rating and lifted their price objective for the company from $15.00 to $22.00 in a research note on Monday, April 24th. Finally, Zacks Investment Research cut shares of Bank of America Corporation from a “buy” rating to a “hold” rating in a research note on Monday, April 24th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $23.94.

Several hedge funds have recently modified their holdings of the stock. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America Corporation during the second quarter worth approximately $100,000. Armbruster Capital Management Inc. raised its stake in shares of 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 during the period. Integrated Investment Consultants LLC raised its stake in shares of 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 during the period. Chicago Partners Investment Group LLC raised its stake in shares of 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 worth $103,000 after buying an additional 450 shares during the period. Finally, Gradient Investments LLC raised its stake in shares of 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 during the period. Institutional investors own 66.42% of the company’s stock.

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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