Sadoff Investment Management LLC boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,986,099 shares of the financial services provider’s stock after buying an additional 131 shares during the period. Bank of America Corporation comprises approximately 4.6% of Sadoff Investment Management LLC’s holdings, making the stock its 2nd largest position. Sadoff Investment Management LLC’s holdings in Bank of America Corporation were worth $48,183,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of BAC. E&G Advisors LP boosted its position in shares of Bank of America Corporation by 5.0% in the second quarter. E&G Advisors LP now owns 81,221 shares of the financial services provider’s stock valued at $1,970,000 after buying an additional 3,851 shares in the last quarter. SeaBridge Investment Advisors LLC boosted its position in shares of Bank of America Corporation by 2.4% in the second quarter. SeaBridge Investment Advisors LLC now owns 199,190 shares of the financial services provider’s stock valued at $4,832,000 after buying an additional 4,610 shares in the last quarter. Greenleaf Trust boosted its position in shares of Bank of America Corporation by 32.0% in the second quarter. Greenleaf Trust now owns 43,012 shares of the financial services provider’s stock valued at $1,043,000 after buying an additional 10,420 shares in the last quarter. Investment Partners Ltd. OH ADV boosted its position in shares of Bank of America Corporation by 1.9% in the second quarter. Investment Partners Ltd. OH ADV now owns 15,438 shares of the financial services provider’s stock valued at $375,000 after buying an additional 281 shares in the last quarter. Finally, First Citizens Bank & Trust Co. boosted its position in shares of Bank of America Corporation by 41.5% in the second quarter. First Citizens Bank & Trust Co. now owns 381,687 shares of the financial services provider’s stock valued at $9,259,000 after buying an additional 111,950 shares in the last quarter. 66.04% of the stock is owned by institutional investors.

Shares of Bank of America Corporation (NYSE BAC) traded down 0.696% during trading on Tuesday, hitting $23.555. 34,519,473 shares of the stock traded hands. The stock has a 50 day moving average of $24.22 and a 200 day moving average of $23.84. Bank of America Corporation has a 52-week low of $14.81 and a 52-week high of $25.80. The firm has a market cap of $247.71 billion, a price-to-earnings ratio of 14.029 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS. Analysts expect 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. Investors of record on Friday, September 1st will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 30th. 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 yield of 2.02%. Bank of America Corporation’s payout ratio is currently 17.86%.

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

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Several brokerages have issued reports on BAC. Robert W. Baird reiterated a “hold” rating and set a $24.00 target price on shares of Bank of America Corporation in a research report on Friday. Vetr upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.29 target price for the company in a research report on Monday, August 21st. Jefferies Group LLC reiterated a “buy” rating and set a $28.00 target price on shares of Bank of America Corporation in a research report on Friday, August 11th. Wells Fargo & Company began coverage on shares of Bank of America Corporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 target price for the company. Finally, BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $24.26.

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 owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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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