F&V Capital Management LLC lessened its stake in Bank of America Corporation (NYSE:BAC) by 0.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 231,100 shares of the financial services provider’s stock after selling 505 shares during the quarter. Bank of America Corporation comprises about 3.2% of F&V Capital Management LLC’s holdings, making the stock its 13th largest holding. F&V Capital Management LLC’s holdings in Bank of America Corporation were worth $5,606,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Central Bank & Trust Co. boosted its holdings in Bank of America Corporation by 3,559.6% in the 2nd quarter. Central Bank & Trust Co. now owns 147,261 shares of the financial services provider’s stock worth $3,571,000 after acquiring an additional 143,237 shares during the period. Fulton Bank N.A. raised its position in shares of Bank of America Corporation by 19.2% in the 2nd quarter. Fulton Bank N.A. now owns 107,285 shares of the financial services provider’s stock valued at $2,603,000 after purchasing an additional 17,305 shares in the last quarter. Capital Investment Advisors LLC raised its position in shares of Bank of America Corporation by 2.0% in the 2nd quarter. Capital Investment Advisors LLC now owns 406,538 shares of the financial services provider’s stock valued at $9,863,000 after purchasing an additional 7,802 shares in the last quarter. Private Trust Co. NA raised its position in shares of Bank of America Corporation by 7.1% in the 2nd quarter. Private Trust Co. NA now owns 85,080 shares of the financial services provider’s stock valued at $2,064,000 after purchasing an additional 5,658 shares in the last quarter. Finally, Gillespie Robinson & Grimm Inc. raised its position in shares of Bank of America Corporation by 70.4% in the 2nd quarter. Gillespie Robinson & Grimm Inc. now owns 998,151 shares of the financial services provider’s stock valued at $24,215,000 after purchasing an additional 412,395 shares in the last quarter. Hedge funds and other institutional investors own 61.63% of the company’s stock.

Shares of Bank of America Corporation (NYSE:BAC) traded down 0.56% on Friday, reaching $25.02. The company had a trading volume of 30,893,429 shares. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80. The firm has a market cap of $263.12 billion, a P/E ratio of 14.90 and a beta of 1.26. The company has a 50-day moving average price of $24.04 and a 200-day moving average price of $23.79.

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, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter in the previous year, the company posted $0.41 EPS. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, analysts expect that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders 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. This represents a $0.48 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.

Bank of America Corporation announced that its board 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 purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

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A number of brokerages have issued reports on BAC. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $30.00 target price (up from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. Vetr lowered Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 target price on the stock. in a research report on Wednesday, June 28th. UBS AG reaffirmed a “neutral” rating and issued a $26.00 target price on shares of Bank of America Corporation in a research report on Friday, July 21st. Finally, Wells Fargo & Company began coverage on Bank of America Corporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price on the stock. One analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $24.41.

In other news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction on Thursday, August 10th. The stock was 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 directly owns 50,000 shares of the company’s stock, valued at approximately $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.

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.

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

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