Cambria Investment Management L.P. lifted its position in Bank of America Corporation (NYSE:BAC) by 6.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 67,170 shares of the financial services provider’s stock after purchasing an additional 4,047 shares during the period. Cambria Investment Management L.P.’s holdings in Bank of America Corporation were worth $1,585,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC boosted its holdings in shares of 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 purchasing an additional 55,953 shares during the period. Waldron LP boosted its holdings in shares of 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 purchasing an additional 12,978 shares during the period. Reliance Trust Co. of Delaware boosted its holdings in shares of Bank of America Corporation by 10.9% in the first quarter. Reliance Trust Co. of Delaware now owns 43,211 shares of the financial services provider’s stock valued at $1,019,000 after purchasing an additional 4,242 shares during the period. Abner Herrman & Brock LLC boosted its holdings in shares of Bank of America Corporation by 2.1% in the first quarter. Abner Herrman & Brock LLC now owns 647,837 shares of the financial services provider’s stock valued at $15,282,000 after purchasing an additional 13,342 shares during the period. Finally, Duncker Streett & Co. Inc. boosted its holdings in shares of Bank of America Corporation by 3.9% in the first quarter. Duncker Streett & Co. Inc. now owns 112,381 shares of the financial services provider’s stock valued at $2,651,000 after purchasing an additional 4,239 shares during the period. Hedge funds and other institutional investors own 61.66% of the company’s stock.

A number of brokerages recently issued reports on BAC. Vetr upgraded Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price target for the company in a report on Wednesday, September 6th. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 price target on shares of Bank of America Corporation in a report on Friday, August 11th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $30.00 price target (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. Finally, Wells Fargo & Company began coverage on Bank of America Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price target for the company. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $24.47.

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In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the company’s 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 sale, 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 Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is owned by corporate insiders.

Bank of America Corporation (NYSE BAC) traded up 2.031% during midday trading on Monday, reaching $23.355. 39,426,841 shares of the company’s stock traded hands. The company has a market capitalization of $245.61 billion, a PE ratio of 13.910 and a beta of 1.26. 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 $24.01 and its 200-day moving average price is $23.82.

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

Bank of America Corporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is 28.57%.

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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