Sii Investments Inc. WI increased its position in Bank of America Corporation (NYSE:BAC) by 7.6% during the first quarter, Holdings Channel reports. The fund owned 60,830 shares of the financial services provider’s stock after buying an additional 4,309 shares during the period. Sii Investments Inc. WI’s holdings in Bank of America Corporation were worth $1,437,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of BAC. Armbruster Capital Management Inc. boosted its position 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 last quarter. Integrated Investment Consultants LLC boosted its position 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 last quarter. Gradient Investments LLC boosted its position 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 last quarter. Pinnacle Bank bought a new position in shares of Bank of America Corporation during the first quarter worth about $122,000. Finally, Adirondack Trust Co. boosted its position in shares of Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock worth $140,000 after buying an additional 519 shares during the last quarter. 66.42% of the stock is owned by institutional investors and hedge funds.

Shares of Bank of America Corporation (NYSE:BAC) traded down 1.08% during mid-day trading on Friday, reaching $23.86. The company had a trading volume of 68,157,429 shares. The stock has a 50 day moving average of $24.25 and a 200-day moving average of $23.78. The firm has a market capitalization of $250.92 billion, a price-to-earnings ratio of 14.21 and a beta of 1.27. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80.

Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. Bank of America Corporation’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period last year, the firm earned $0.41 EPS. Equities analysts predict that Bank of America Corporation will post $1.82 EPS for the current year.

Bank of America Corporation declared that its Board of Directors has approved a stock buyback 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 repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.01%. This is an increase 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 dividend payout ratio (DPR) is presently 17.86%.

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A number of equities research analysts recently commented on the company. Jefferies Group LLC restated a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a research report on Friday. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $30.00 price target (up from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. Royal Bank Of Canada restated a “buy” rating and set a $26.00 price target on shares of Bank of America Corporation in a research report on Thursday, July 20th. Finally, Vetr upgraded Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price target on the stock in a research report on Thursday, June 15th. One 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 issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $23.94.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is owned by company insiders.

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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