Traders bought shares of Bank of America Corporation (NYSE:BAC) on weakness during trading on Monday. $321.16 million flowed into the stock on the tick-up and $191.61 million flowed out of the stock on the tick-down, for a money net flow of $129.55 million into the stock. Of all equities tracked, Bank of America Corporation had the 5th highest net in-flow for the day. Bank of America Corporation traded down ($0.26) for the day and closed at $24.76

BAC has been the topic of several recent analyst reports. Buckingham Research reiterated a “buy” rating and set a $30.00 target price (up from $27.00) on shares of Bank of America Corporation in a research note on Monday, July 10th. Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a research note on Friday, July 7th. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research note on Friday, July 7th. Keefe, Bruyette & Woods reiterated 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. Finally, Credit Suisse Group reiterated a “buy” rating on shares of Bank of America Corporation in a research note on Sunday, June 4th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-two 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 an average target price of $24.63.

The stock has a market capitalization of $260.39 billion, a PE ratio of 14.75 and a beta of 1.26. The firm’s 50-day moving average price is $24.04 and its 200 day moving average price is $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 for the quarter, topping analysts’ consensus estimates 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%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Equities research analysts forecast that Bank of America Corporation will post $1.81 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.94%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is 28.57%.

Bank of America Corporation declared that its Board of Directors 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 buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the company’s 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 transaction, the director now 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 available at this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Bank of America Corporation by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares during the last quarter. Korea Investment CORP raised its position in shares of Bank of America Corporation by 0.5% during the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock worth $1,914,319,000 after purchasing an additional 390,771 shares during the last quarter. Boston Partners raised its position in shares of Bank of America Corporation by 0.5% during the 1st quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock worth $1,778,802,000 after purchasing an additional 368,898 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Bank of America Corporation by 1.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after purchasing an additional 1,079,788 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Bank of America Corporation by 2.0% during the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock worth $1,232,414,000 after purchasing an additional 1,007,405 shares during the last quarter. Hedge funds and other institutional investors own 61.63% of the company’s stock.

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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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