Bremer Trust National Association acquired a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,041 shares of the financial services provider’s stock, valued at approximately $243,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Patten & Patten Inc. TN increased its holdings in shares of Bank of America Corporation by 24.3% in the 1st quarter. Patten & Patten Inc. TN now owns 222,250 shares of the financial services provider’s stock valued at $5,243,000 after acquiring an additional 43,426 shares during the last quarter. Barometer Capital Management Inc. increased its holdings in shares of Bank of America Corporation by 19.6% in the 1st quarter. Barometer Capital Management Inc. now owns 1,690,470 shares of the financial services provider’s stock valued at $39,878,000 after acquiring an additional 277,350 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Bank of America Corporation by 1.5% in the 1st quarter. Nisa Investment Advisors LLC now owns 3,741,987 shares of the financial services provider’s stock valued at $88,271,000 after acquiring an additional 55,953 shares during the last quarter. Middleton & Co Inc MA increased its holdings in shares of Bank of America Corporation by 2.6% in the 1st quarter. Middleton & Co Inc MA now owns 34,621 shares of the financial services provider’s stock valued at $817,000 after acquiring an additional 870 shares during the last quarter. Finally, Mount Vernon Associates Inc. MD increased its holdings in shares of Bank of America Corporation by 8.4% in the 1st quarter. Mount Vernon Associates Inc. MD now owns 86,854 shares of the financial services provider’s stock valued at $2,049,000 after acquiring an additional 6,750 shares during the last quarter. Institutional investors and hedge funds own 61.66% of the company’s stock.

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In other news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.18% of the company’s stock.

BAC has been the topic of a number of recent analyst reports. Buckingham Research reiterated a “buy” rating and issued a $30.00 price objective (up previously from $27.00) on shares of Bank of America Corporation in a report on Monday, July 10th. Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $27.00 price objective on shares of Bank of America Corporation in a report on Wednesday, June 7th. Finally, Credit Suisse Group reiterated a “buy” rating on shares of Bank of America Corporation in a report on Sunday, June 4th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $24.41.

Bank of America Corporation (NYSE:BAC) traded up 0.17% during trading on Friday, reaching $24.28. The company had a trading volume of 31,955,345 shares. The firm has a market capitalization of $255.34 billion, a P/E ratio of 14.46 and a beta of 1.26. Bank of America Corporation has a 52-week low of $14.81 and a 52-week high of $25.80. The company has a 50-day moving average of $23.99 and a 200-day moving average of $23.82.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 return on equity of 8.11% and a net margin of 20.28%. The business’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.41 earnings per share. Analysts expect that Bank of America Corporation will post $1.81 EPS for the current fiscal year.

The firm also recently disclosed 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. The ex-dividend date is Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a dividend yield of 1.98%. Bank of America Corporation’s payout ratio is currently 28.57%.

Bank of America Corporation announced that its board has authorized a share repurchase program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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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