Gareth Morgan Investments Limited Partnership increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 236.7% during the first quarter, Holdings Channel reports. The institutional investor owned 666,624 shares of the financial services provider’s stock after buying an additional 468,645 shares during the period. Bank of America Corporation makes up approximately 1.3% of Gareth Morgan Investments Limited Partnership’s holdings, making the stock its 9th largest position. Gareth Morgan Investments Limited Partnership’s holdings in Bank of America Corporation were worth $15,726,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Capital Management Corp VA boosted its position in Bank of America Corporation by 0.3% in the first quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock valued at $244,000 after buying an additional 33 shares in the last quarter. Welch Group LLC boosted its position in Bank of America Corporation by 0.4% in the first quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock valued at $237,000 after buying an additional 42 shares in the last quarter. Tiemann Investment Advisors LLC boosted its position in Bank of America Corporation by 0.3% in the first quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock valued at $470,000 after buying an additional 52 shares in the last quarter. Logan Capital Management Inc. boosted its position in Bank of America Corporation by 0.4% in the first quarter. Logan Capital Management Inc. now owns 14,632 shares of the financial services provider’s stock valued at $345,000 after buying an additional 61 shares in the last quarter. Finally, WealthTrust Axiom LLC boosted its position in Bank of America Corporation by 0.3% in the first quarter. WealthTrust Axiom LLC now owns 23,366 shares of the financial services provider’s stock valued at $551,000 after buying an additional 70 shares in 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 midday trading on Friday, reaching $23.86. 68,157,429 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $24.25 and a 200 day moving average price of $23.78. Bank of America Corporation has a 52 week low of $14.81 and a 52 week high of $25.80. The company 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 (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same period last year, the firm earned $0.41 earnings per share. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. Analysts anticipate that Bank of America Corporation will post $1.82 EPS for the current year.

Bank of America Corporation declared that its board has authorized a share repurchase 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 repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management 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 represents a $0.48 dividend on an annualized basis and a dividend yield of 2.01%. 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. Bank of America Corporation’s dividend payout ratio (DPR) is 17.86%.

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Several research analysts have issued reports on the company. Vetr raised Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 price target on the stock in a report on Friday, July 14th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $30.00 price target (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. UBS AG reaffirmed a “neutral” rating and issued a $26.00 price target on shares of Bank of America Corporation in a report on Friday, July 21st. Wells Fargo & Company initiated coverage on Bank of America Corporation in a report on Wednesday. They issued an “outperform” rating and a $30.00 price target on the stock. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $27.00 target price on shares of Bank of America Corporation in a research note on Wednesday, June 7th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. Bank of America Corporation currently has a consensus rating of “Buy” and an average 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 transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is currently owned by company 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.

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

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