Cadence Bank NA acquired a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,382 shares of the financial services provider’s stock, valued at approximately $300,000.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Daiwa Securities Group Inc. raised its position in shares of Bank of America Corporation by 14.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 783,907 shares of the financial services provider’s stock valued at $19,018,000 after buying an additional 101,781 shares in the last quarter. Kistler Tiffany Companies LLC lifted its holdings in shares of Bank of America Corporation by 28.1% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 16,711 shares of the financial services provider’s stock worth $405,000 after acquiring an additional 3,665 shares during the last quarter. Tufton Capital Management lifted its holdings in shares of Bank of America Corporation by 9.5% during the 2nd quarter. Tufton Capital Management now owns 141,905 shares of the financial services provider’s stock worth $3,443,000 after acquiring an additional 12,326 shares during the last quarter. Grove Bank & Trust lifted its holdings in shares of Bank of America Corporation by 116.7% during the 2nd quarter. Grove Bank & Trust now owns 32,855 shares of the financial services provider’s stock worth $797,000 after acquiring an additional 17,695 shares during the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of Bank of America Corporation by 5.5% during the 2nd quarter. Bessemer Group Inc. now owns 1,113,264 shares of the financial services provider’s stock worth $27,008,000 after acquiring an additional 58,296 shares during the last quarter. 61.64% of the stock is owned by institutional investors.

Several equities research analysts have issued reports on the company. Vetr lowered Bank of America Corporation from a “hold” rating to a “sell” rating and set a $23.52 price target for the company. in a research note on Tuesday, July 4th. Deutsche Bank AG reiterated a “hold” rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. CIBC reiterated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Robert W. Baird reiterated a “hold” rating and set a $24.00 price objective on shares of Bank of America Corporation in a research report on Friday, August 25th. Finally, BidaskClub raised Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $24.90.

Bank of America Corporation (BAC) opened at 25.62 on Tuesday. The company’s 50-day moving average price is $24.20 and its 200-day moving average price is $23.78. The company has a market cap of $269.43 billion, a price-to-earnings ratio of 15.26 and a beta of 1.25. Bank of America Corporation has a 52-week low of $15.60 and a 52-week high of $25.80.

Bank of America Corporation (NYSE:BAC) last issued 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 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%. Bank of America Corporation’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 earnings per share. Equities research analysts expect that Bank of America Corporation will post $1.81 EPS for the current fiscal year.

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

The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.87%. The ex-dividend date was Wednesday, August 30th. 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 28.57%.

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In other news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation 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 Securities & Exchange Commission, which is available at this hyperlink. 0.18% of the stock is currently owned by company insiders.

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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