Locust Wood Capital Advisers LLC cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 522,480 shares of the financial services provider’s stock after selling 39,320 shares during the period. Bank of America Corporation makes up 1.4% of Locust Wood Capital Advisers LLC’s holdings, making the stock its 24th biggest holding. Locust Wood Capital Advisers LLC’s holdings in Bank of America Corporation were worth $12,675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America Corporation during the second quarter valued at about $100,000. Armbruster Capital Management Inc. increased its position in shares of Bank of America Corporation by 10.8% during the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 423 shares during the last quarter. Tarbox Family Office Inc. increased its position in shares of Bank of America Corporation by 0.4% during the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 21 shares during the last quarter. Lenox Wealth Advisors Inc. acquired a new stake in shares of Bank of America Corporation during the second quarter valued at about $144,000. Finally, Cohen Capital Management Inc. acquired a new stake in shares of Bank of America Corporation during the first quarter valued at about $145,000. Institutional investors and hedge funds own 61.66% of the company’s stock.

Bank of America Corporation (NYSE:BAC) opened at 22.89 on Monday. The firm has a market capitalization of $240.72 billion, a PE ratio of 13.63 and a beta of 1.26. The stock has a 50 day moving average of $24.01 and a 200-day moving average of $23.83. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same period last year, the business posted $0.41 earnings per share. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, equities analysts predict 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 buyback program on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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 paid 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 2.10%. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.

A number of equities research analysts have weighed in on BAC shares. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. CIBC reiterated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 4th. Vetr cut shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price target for the company. in a research report on Wednesday, June 28th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a research report on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have assigned a buy rating and three have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $24.47.

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In related news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.18% of the company’s stock.

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.

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

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