Factory Mutual Insurance Co. lifted its stake in Bank of America Corporation (NYSE:BAC) by 10.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,064,849 shares of the financial services provider’s stock after purchasing an additional 375,000 shares during the period. Bank of America Corporation accounts for approximately 1.1% of Factory Mutual Insurance Co.’s holdings, making the stock its 26th largest holding. Factory Mutual Insurance Co.’s holdings in Bank of America Corporation were worth $98,613,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Capital Management Corp VA boosted its position in shares of Bank of America Corporation by 0.3% in the 1st quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 33 shares during the last quarter. Welch Group LLC boosted its position in shares of Bank of America Corporation by 0.4% in the 1st quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 42 shares during the last quarter. Tiemann Investment Advisors LLC boosted its position in shares of Bank of America Corporation by 0.3% in the 1st quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock worth $470,000 after purchasing an additional 52 shares during the last quarter. Logan Capital Management Inc. boosted its position in shares of Bank of America Corporation by 0.4% in the 1st quarter. Logan Capital Management Inc. now owns 14,632 shares of the financial services provider’s stock worth $345,000 after purchasing an additional 61 shares during the last quarter. Finally, WealthTrust Axiom LLC boosted its position in shares of Bank of America Corporation by 0.3% in the 1st quarter. WealthTrust Axiom LLC now owns 23,366 shares of the financial services provider’s stock worth $551,000 after purchasing an additional 70 shares during the last quarter. Institutional investors and hedge funds own 61.66% of the company’s stock.

BAC has been the topic of several recent research reports. Vetr lowered Bank of America Corporation from a “hold” rating to a “sell” rating and set a $23.52 price target on the stock. in a research report on Tuesday, July 4th. Deutsche Bank AG reiterated a “hold” rating on shares of Bank of America Corporation in a report on Monday, July 3rd. CIBC reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Robert W. Baird reiterated a “hold” rating and set a $24.00 target price on shares of Bank of America Corporation in a report on Friday, August 25th. Finally, BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $24.41.

Shares of Bank of America Corporation (NYSE:BAC) traded up 0.58% during trading on Friday, reaching $24.38. The company’s stock had a trading volume of 85,937,551 shares. Bank of America Corporation has a 12 month low of $14.81 and a 12 month high of $25.80. The firm has a market cap of $256.39 billion, a PE ratio of 14.52 and a beta of 1.26. The stock’s 50 day moving average price is $24.00 and its 200-day moving average price is $23.82.

Bank of America Corporation (NYSE:BAC) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter last year, the firm earned $0.41 EPS. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. 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 has approved 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 reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.97%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is currently 28.57%.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.18% of the stock is owned by company insiders.

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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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