Deroy & Devereaux Private Investment Counsel Inc. increased its stake in Bank of America Corporation (NYSE:BAC) by 9.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,245 shares of the financial services provider’s stock after acquiring an additional 1,705 shares during the period. Deroy & Devereaux Private Investment Counsel Inc.’s holdings in Bank of America Corporation were worth $467,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. M Holdings Securities Inc. raised its position in Bank of America Corporation by 72.9% during the 1st quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock valued at $2,242,000 after purchasing an additional 40,069 shares during the last quarter. Waldron LP raised its position in Bank of America Corporation by 112.2% during the 1st 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 last quarter. AQR Capital Management LLC raised its position in Bank of America Corporation by 21.3% during the 1st quarter. AQR Capital Management LLC now owns 8,462,687 shares of the financial services provider’s stock valued at $199,635,000 after purchasing an additional 1,483,772 shares during the last quarter. First National Trust Co. raised its position in Bank of America Corporation by 48.2% during the 1st quarter. First National Trust Co. now owns 106,178 shares of the financial services provider’s stock valued at $2,505,000 after purchasing an additional 34,555 shares during the last quarter. Finally, Duncker Streett & Co. Inc. raised its position in Bank of America Corporation by 3.9% during the 1st 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 last quarter. 61.63% of the stock is owned by institutional investors.

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Bank of America Corporation (NYSE BAC) opened at 25.02 on Monday. The company has a market capitalization of $263.12 billion, a PE ratio of 16.71 and a beta of 1.26. The stock’s 50 day moving average price is $24.04 and its 200 day moving average price is $23.79. 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 posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $22.80 billion during 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 quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.41 earnings per share. On average, equities analysts anticipate that Bank of America Corporation will post $1.81 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors 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 is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 1.92%. Bank of America Corporation’s payout ratio is currently 28.57%.

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

A number of research firms have commented on BAC. Vetr raised 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 research report on Wednesday, August 30th. Instinet reaffirmed a “buy” rating and set a $27.00 price target on shares of Bank of America Corporation in a research report on Saturday, July 22nd. Wells Fargo & Co began coverage on Bank of America Corporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price target for the company. Buckingham Research reaffirmed a “buy” rating and set a $30.00 price target (up previously from $27.00) on shares of Bank of America Corporation in a research report on Monday, July 10th. Finally, BidaskClub raised Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company’s stock. Bank of America Corporation currently has an average rating of “Buy” and an average price target of $24.63.

In related news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.

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

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