Chicago Equity Partners LLC decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 15.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,008,005 shares of the financial services provider’s stock after selling 356,680 shares during the period. Bank of America Corporation comprises approximately 1.4% of Chicago Equity Partners LLC’s holdings, making the stock its 8th largest position. Chicago Equity Partners LLC’s holdings in Bank of America Corporation were worth $47,369,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. RidgeWorth Capital Management LLC boosted its position in shares of Bank of America Corporation by 16.9% in the fourth quarter. RidgeWorth Capital Management LLC now owns 418,295 shares of the financial services provider’s stock valued at $9,244,000 after buying an additional 60,508 shares in the last quarter. FIL Ltd boosted its position in shares of Bank of America Corporation by 58.6% in the fourth quarter. FIL Ltd now owns 1,149,534 shares of the financial services provider’s stock valued at $25,405,000 after buying an additional 424,616 shares in the last quarter. Altavista Wealth Management Inc. bought a new position in shares of Bank of America Corporation during the fourth quarter valued at about $224,000. Trexquant Investment LP boosted its position in shares of Bank of America Corporation by 79.1% in the fourth quarter. Trexquant Investment LP now owns 168,300 shares of the financial services provider’s stock valued at $3,719,000 after buying an additional 74,306 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in shares of Bank of America Corporation by 83.5% in the fourth quarter. Marshall Wace LLP now owns 5,849,296 shares of the financial services provider’s stock valued at $129,270,000 after buying an additional 2,661,050 shares in the last quarter. Institutional investors own 66.27% of the company’s stock.

Shares of Bank of America Corporation (NYSE BAC) traded down 0.89% during mid-day trading on Thursday, hitting $24.37. 53,181,561 shares of the stock were exchanged. The company has a market cap of $30.72 billion, a P/E ratio of 16.25 and a beta of 1.27. Bank of America Corporation has a 52-week low of $14.10 and a 52-week high of $25.80. The stock’s 50-day moving average price is $24.01 and its 200-day moving average price is $23.69.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The company 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 firm’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 EPS. Equities research analysts anticipate that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.97%. The ex-dividend date is Wednesday, August 30th. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is presently 17.86%.

Bank of America Corporation announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

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BAC has been the topic of several research analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a research report on Thursday, April 6th. BMO Capital Markets reissued a “hold” rating and set a $21.00 price objective on shares of Bank of America Corporation in a research note on Tuesday, April 11th. Nomura reissued a “buy” rating on shares of Bank of America Corporation in a research note on Wednesday, April 19th. Vining Sparks raised shares of Bank of America Corporation to a “strong-buy” rating and set a $28.00 price objective on the stock in a research note on Wednesday, April 19th. Finally, Barclays PLC reissued an “equal weight” rating and set a $28.00 price objective (up previously from $26.00) on shares of Bank of America Corporation in a research note on Saturday, April 22nd. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $23.74.

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.

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

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