Lyell Wealth Management LP boosted its position in Bank of America Corporation (NYSE:BAC) by 2.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 143,414 shares of the financial services provider’s stock after buying an additional 3,569 shares during the period. Bank of America Corporation accounts for 1.8% of Lyell Wealth Management LP’s investment portfolio, making the stock its 13th largest position. Lyell Wealth Management LP’s holdings in Bank of America Corporation were worth $3,383,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Boston Partners increased its position in Bank of America Corporation by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock worth $1,778,802,000 after buying an additional 368,898 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Bank of America Corporation by 0.5% in the first quarter. Russell Investments Group Ltd. now owns 20,358,170 shares of the financial services provider’s stock worth $480,416,000 after buying an additional 101,657 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Bank of America Corporation by 2.5% in the first quarter. Rhumbline Advisers now owns 17,373,765 shares of the financial services provider’s stock worth $409,847,000 after buying an additional 419,734 shares in the last quarter. State of Wisconsin Investment Board boosted its position in shares of Bank of America Corporation by 13.5% in the first quarter. State of Wisconsin Investment Board now owns 11,302,004 shares of the financial services provider’s stock worth $266,614,000 after buying an additional 1,341,150 shares in the last quarter. Finally, Strs Ohio boosted its position in shares of Bank of America Corporation by 4.2% in the first quarter. Strs Ohio now owns 9,015,821 shares of the financial services provider’s stock worth $212,683,000 after buying an additional 360,441 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Bank of America Corporation (NYSE BAC) traded down 0.29% during midday trading on Friday, reaching $23.77. 43,511,878 shares of the company’s stock traded hands. Bank of America Corporation has a 1-year low of $14.81 and a 1-year high of $25.80. The firm’s 50 day moving average price is $24.22 and its 200-day moving average price is $23.84. The company has a market capitalization of $249.98 billion, a PE ratio of 14.16 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. The firm 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%. Bank of America Corporation’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 EPS. Equities analysts expect that Bank of America Corporation will post $1.81 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.02%. 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 dividend payout ratio is currently 17.86%.

Bank of America Corporation declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

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BAC has been the topic of a number of recent analyst reports. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Jefferies Group LLC reissued a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a report on Friday, August 11th. Vetr raised Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price target on the stock in a report on Thursday, June 15th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $30.00 price target (up from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. Finally, Wells Fargo & Company initiated coverage on Bank of America Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price target on the stock. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the stock. Bank of America Corporation presently has a consensus rating of “Buy” and a consensus price target of $24.01.

In related news, Director Frank P. Bramble sold 86,763 shares of the 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 approximately $1,208,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.18% of the company’s stock.

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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