Baker Boyer National Bank bought a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 8,382 shares of the financial services provider’s stock, valued at approximately $203,000.

Several other institutional investors have also recently made changes to their positions in the stock. Capital Management Corp VA increased its position in shares of Bank of America Corporation by 0.3% during 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 in the last quarter. Welch Group LLC increased its position in shares of Bank of America Corporation by 0.4% during 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 in the last quarter. Tiemann Investment Advisors LLC increased its position in shares of Bank of America Corporation by 0.3% during 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 in the last quarter. Logan Capital Management Inc. increased its position in shares of Bank of America Corporation by 0.4% during 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 in the last quarter. Finally, WealthTrust Axiom LLC increased its position in shares of Bank of America Corporation by 0.3% during 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 in the last quarter. Institutional investors and hedge funds own 61.63% of the company’s stock.

A number of equities research analysts recently issued reports on the stock. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $30.00 target price (up previously from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. Vetr cut shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 target price for the company. in a research report on Wednesday, June 28th. UBS AG reissued a “neutral” rating and set a $26.00 price objective on shares of Bank of America Corporation in a report on Friday, July 21st. Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $27.00 price objective on shares of Bank of America Corporation in a report on Wednesday, June 7th. Two 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 company. The company presently has an average rating of “Buy” and a consensus target price of $24.41.

Shares of Bank of America Corporation (NYSE BAC) traded up 1.27% during mid-day trading on Monday, reaching $24.69. 33,832,849 shares of the company’s stock traded hands. The company has a market cap of $259.65 billion, a price-to-earnings ratio of 14.71 and a beta of 1.26. The company has a 50 day moving average of $24.00 and a 200 day moving average of $23.82. Bank of America Corporation has a 12 month low of $14.81 and a 12 month high of $25.80.

Bank of America Corporation (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company 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 earned $0.41 EPS. Bank of America Corporation’s quarterly revenue was up 7.1% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.

Bank of America Corporation declared that its Board of Directors has initiated a share 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 purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally 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. Investors of record on Friday, September 1st will be issued a $0.12 dividend. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is currently 28.57%.

In related news, Director Frank P. Bramble sold 86,763 shares of the 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 transaction, the director now directly owns 50,000 shares in the company, valued at approximately $1,208,000. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.18% of the stock is owned by company insiders.

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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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