Capital Insight Partners LLC decreased its stake in Bank of America Corporation (NYSE:BAC) by 2.9% during the second quarter, Holdings Channel reports. The fund owned 148,605 shares of the financial services provider’s stock after selling 4,452 shares during the period. Bank of America Corporation makes up about 3.2% of Capital Insight Partners LLC’s holdings, making the stock its 2nd largest position. Capital Insight Partners LLC’s holdings in Bank of America Corporation were worth $3,605,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of BAC. E&G Advisors LP boosted its position in Bank of America Corporation by 17.3% in the first quarter. E&G Advisors LP now owns 77,370 shares of the financial services provider’s stock valued at $1,825,000 after buying an additional 11,435 shares during the last quarter. Adirondack Trust Co. boosted its position in 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 valued at $140,000 after buying an additional 519 shares during the last quarter. Park National Corp OH boosted its position in Bank of America Corporation by 0.8% in the first quarter. Park National Corp OH now owns 841,364 shares of the financial services provider’s stock valued at $19,848,000 after buying an additional 6,465 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Bank of America Corporation by 1.5% in the first quarter. Nisa Investment Advisors LLC now owns 3,741,987 shares of the financial services provider’s stock valued at $88,271,000 after buying an additional 55,953 shares during the last quarter. Finally, Baldwin Brothers Inc. MA boosted its position in Bank of America Corporation by 3.4% in the first quarter. Baldwin Brothers Inc. MA now owns 350,402 shares of the financial services provider’s stock valued at $8,266,000 after buying an additional 11,575 shares during the last quarter. Hedge funds and other institutional investors own 66.42% of the company’s stock.

Bank of America Corporation (NYSE BAC) traded down 1.08% on Friday, reaching $23.86. 68,157,429 shares of the company traded hands. Bank of America Corporation has a 52-week low of $14.81 and a 52-week high of $25.80. The firm 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 $24.25 and a 200-day moving average price of $23.78.

Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The business 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 was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 EPS. Analysts anticipate that Bank of America Corporation will post $1.82 earnings per share for the current fiscal 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 repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

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

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BAC has been the topic of several research analyst reports. Vining Sparks upgraded shares of Bank of America Corporation to a “strong-buy” rating and set a $28.00 price target on the stock in a report on Wednesday, April 19th. Nomura restated a “buy” rating on shares of Bank of America Corporation in a report on Wednesday, April 19th. Credit Suisse Group restated a “buy” rating on shares of Bank of America Corporation in a report on Sunday, June 4th. Berenberg Bank cut shares of Bank of America Corporation from a “buy” rating to a “hold” rating and boosted their price target for the company from $15.00 to $22.00 in a report on Monday, April 24th. Finally, Barclays PLC restated an “equal weight” rating and set a $28.00 price target (up from $26.00) on shares of Bank of America Corporation in a report on Saturday, April 22nd. One investment 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 stock. Bank of America Corporation 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 Bank of America Corporation stock in a transaction dated 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 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 Securities & Exchange Commission, which is available through the SEC website. 0.18% of the stock is owned by 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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