CNA Financial Corp maintained its stake in Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,525 shares of the financial services provider’s stock at the end of the first quarter. CNA Financial Corp’s holdings in Bank of America Corporation were worth $3,244,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of BAC. UBS Asset Management Americas Inc. increased its position in shares of Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock worth $933,718,000 after buying an additional 8,595,423 shares during the period. Perigon Wealth Management LLC increased its position in shares of Bank of America Corporation by 769.4% in the fourth quarter. Perigon Wealth Management LLC now owns 144,947 shares of the financial services provider’s stock worth $3,700,000 after buying an additional 128,275 shares during the period. USA Financial Portformulas Corp acquired a new position in shares of Bank of America Corporation during the fourth quarter worth about $3,663,000. HighPoint Advisor Group LLC increased its position in shares of Bank of America Corporation by 1.5% in the fourth quarter. HighPoint Advisor Group LLC now owns 36,320 shares of the financial services provider’s stock worth $926,000 after buying an additional 553 shares during the period. Finally, M Holdings Securities Inc. increased its position in shares of Bank of America Corporation by 0.9% in the fourth quarter. M Holdings Securities Inc. now owns 54,949 shares of the financial services provider’s stock worth $1,214,000 after buying an additional 474 shares during the period. 66.42% of the stock is owned by hedge funds and other institutional investors.

Bank of America Corporation (NYSE BAC) traded down 1.08% on Friday, reaching $23.86. The company’s stock had a trading volume of 68,157,429 shares. Bank of America Corporation has a 1-year low of $14.81 and a 1-year high of $25.80. The stock has a 50 day moving average price of $24.25 and a 200-day moving average price of $23.78. The company 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 (NYSE:BAC) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion during the quarter, compared to analyst estimates 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 previous year, the business earned $0.41 EPS. Equities analysts predict that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

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

Bank of America Corporation declared that its board has authorized a share buyback program on Wednesday, June 28th that permits the company to buyback $12.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

TRADEMARK VIOLATION WARNING: This piece was posted by Daily Political and is the property of of Daily Political. If you are accessing this piece on another publication, it was illegally copied and republished in violation of United States & international copyright and trademark law. The legal version of this piece can be accessed at https://www.dailypolitical.com/2017/08/13/cna-financial-corp-maintains-position-in-bank-of-america-corporation-bac.html.

A number of brokerages have recently issued reports on BAC. Jefferies Group LLC reissued a “buy” rating and set a $28.00 target price on shares of Bank of America Corporation in a research note on Friday. Wells Fargo & Company began coverage on Bank of America Corporation in a research note on Wednesday. They set an “outperform” rating and a $30.00 target price for the company. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Instinet reissued a “buy” rating and set a $27.00 target price on shares of Bank of America Corporation in a research note on Saturday, July 22nd. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $30.00 target price (up from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company’s stock. Bank of America Corporation presently has a consensus 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 business’s stock in a transaction 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 completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.18% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with MarketBeat.com's FREE daily email newsletter.