Manning & Napier Advisors LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 42.4% during the second quarter, Holdings Channel reports. The firm owned 158,055 shares of the financial services provider’s stock after buying an additional 47,085 shares during the period. Manning & Napier Advisors LLC’s holdings in Bank of America Corporation were worth $3,833,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Northwest Investment Counselors LLC purchased a new position in Bank of America Corporation during the second quarter valued at $100,000. Armbruster Capital Management Inc. raised its position in 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 valued at $102,000 after buying an additional 423 shares during the last quarter. Integrated Investment Consultants LLC raised its position in 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 valued at $103,000 after buying an additional 500 shares during the last quarter. Gradient Investments LLC raised its position in 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 valued at $107,000 after buying an additional 700 shares during the last quarter. Finally, Tarbox Family Office Inc. raised its position 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 valued at $117,000 after buying an additional 21 shares during the last quarter. 66.42% of the stock is currently owned by institutional investors.

Bank of America Corporation (NYSE BAC) traded down 1.08% during trading on Friday, reaching $23.86. 68,157,429 shares of the company’s stock were exchanged. The firm’s 50-day moving average price is $24.25 and its 200-day moving average price is $23.78. The firm has a market cap of $250.92 billion, a price-to-earnings ratio of 14.21 and a beta of 1.27. Bank of America Corporation has a 12 month low of $14.81 and a 12 month 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 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the company posted $0.41 EPS. On average, equities research analysts anticipate that Bank of America Corporation will post $1.82 EPS for the current year.

The firm 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 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 of this dividend is Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is 17.86%.

Bank of America Corporation announced that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that allows the company to buyback $12.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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Several research firms recently weighed in on BAC. Jefferies Group LLC reissued a “buy” rating and set a $28.00 price objective on shares of Bank of America Corporation in a research note on Friday. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $30.00 price objective (up previously from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. Royal Bank Of Canada reissued a “buy” rating and set a $26.00 price objective on shares of Bank of America Corporation in a research note on Thursday, July 20th. Finally, Vetr raised shares of Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price objective on the stock in a research note on Thursday, June 15th. One investment 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 given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $23.94.

In other news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the sale, the director now owns 50,000 shares in the company, valued at approximately $1,208,000. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.18% 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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Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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