Traders purchased shares of Bank of America Corporation (NYSE:BAC) on weakness during trading hours on Friday. $298.51 million flowed into the stock on the tick-up and $232.71 million flowed out of the stock on the tick-down, for a money net flow of $65.80 million into the stock. Of all equities tracked, Bank of America Corporation had the 2nd highest net in-flow for the day. Bank of America Corporation traded down ($0.26) for the day and closed at $23.86

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

The company’s 50 day moving average price is $24.22 and its 200 day moving average price is $23.78. The stock has a market cap of $250.92 billion, a P/E ratio of 14.21 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion for the quarter, compared to analysts’ expectations 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 was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 EPS. Equities research analysts anticipate that Bank of America Corporation will post $1.82 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Wednesday, August 30th. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is 17.86%.

Bank of America Corporation declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

A number of institutional investors have recently made changes to their positions in BAC. Vanguard Group Inc. boosted its position in shares of Bank of America Corporation by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after buying an additional 9,117,007 shares during the last quarter. Korea Investment CORP boosted its position in shares of Bank of America Corporation by 0.5% in the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after buying an additional 390,771 shares during the last quarter. Boston Partners boosted its position in shares of Bank of America Corporation by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock valued at $1,778,802,000 after buying an additional 368,898 shares during the last quarter. TIAA CREF Investment Management LLC boosted its position in shares of Bank of America Corporation by 1.7% in the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after buying an additional 1,079,788 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Bank of America Corporation by 2.0% in the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after buying an additional 1,007,405 shares during the last quarter. 66.42% of the stock is currently owned by institutional investors and hedge funds.

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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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