Hillsdale Investment Management Inc. purchased a new stake in Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 13,550 shares of the financial services provider’s stock, valued at approximately $320,000.

Other institutional investors have also modified their holdings of the company. Adirondack Trust Co. increased its stake in Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock valued at $140,000 after buying an additional 519 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in Bank of America Corporation by 1.5% in the first quarter. Nisa Investment Advisors LLC now owns 3,741,987 shares of the financial services provider’s stock valued at $88,271,000 after buying an additional 55,953 shares during the last quarter. Baldwin Brothers Inc. MA increased its stake in Bank of America Corporation by 3.4% in the first quarter. Baldwin Brothers Inc. MA now owns 350,402 shares of the financial services provider’s stock valued at $8,266,000 after buying an additional 11,575 shares during the last quarter. Waldron LP increased its stake in Bank of America Corporation by 112.2% in the first quarter. Waldron LP now owns 24,550 shares of the financial services provider’s stock valued at $578,000 after buying an additional 12,978 shares during the last quarter. Finally, Integrated Wealth Management increased its stake in Bank of America Corporation by 1.0% in the first quarter. Integrated Wealth Management now owns 40,834 shares of the financial services provider’s stock valued at $963,000 after buying an additional 401 shares during the last quarter. 66.04% of the stock is owned by institutional investors.

Shares of Bank of America Corporation (NYSE BAC) traded up 0.1106% during trading on Thursday, reaching $23.8964. The company’s stock had a trading volume of 20,182,278 shares. The stock’s 50 day moving average price is $24.22 and its 200-day moving average price is $23.84. The stock has a market cap of $251.31 billion, a price-to-earnings ratio of 14.2325 and a beta of 1.27. Bank of America Corporation has a 52-week low of $14.81 and a 52-week high of $25.80.

Bank of America Corporation (NYSE:BAC) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $22.80 billion for 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Equities analysts anticipate that Bank of America Corporation will post $1.81 EPS for the current year.

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

The firm 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 dividend of $0.12 per share. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.01%. Bank of America Corporation’s dividend payout ratio is currently 17.86%.

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BAC has been the subject of several recent analyst reports. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. CIBC reissued an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 4th. Vetr downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price objective for the company. in a report on Wednesday, June 28th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price objective on shares of Bank of America Corporation in a report on Friday, August 11th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the stock. Bank of America Corporation has a consensus rating of “Buy” and an average price target of $24.27.

In related news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction that occurred 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 transaction, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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.

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

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