Chicago Partners Investment Group LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 11.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,531 shares of the financial services provider’s stock after purchasing an additional 450 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in Bank of America Corporation were worth $103,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. M Holdings Securities Inc. grew its holdings in shares of 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 worth $2,242,000 after purchasing an additional 40,069 shares during the period. Waldron LP grew its holdings in shares of 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 worth $578,000 after purchasing an additional 12,978 shares during the period. YHB Investment Advisors Inc. grew its holdings in shares of Bank of America Corporation by 17.2% during the 2nd quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock worth $3,917,000 after purchasing an additional 23,729 shares during the period. AQR Capital Management LLC grew its holdings in shares of 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 worth $199,635,000 after purchasing an additional 1,483,772 shares during the period. Finally, First National Trust Co. grew its holdings in shares of 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 worth $2,505,000 after purchasing an additional 34,555 shares during the period. Institutional investors and hedge funds own 61.64% of the company’s stock.

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

Bank of America Corporation (BAC) opened at 26.21 on Friday. Bank of America Corporation has a 1-year low of $15.60 and a 1-year high of $26.30. The company’s 50-day moving average price is $24.41 and its 200-day moving average price is $23.83. The stock has a market cap of $275.64 billion, a P/E ratio of 15.61 and a beta of 1.25. Bank of America Corporation also was the recipient of some unusual options trading on Thursday. Investors purchased 245,085 call options on the stock. This represents an increase of approximately 125% compared to the typical daily volume of 109,122 call options.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 firm had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Bank of America Corporation’s revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts predict that Bank of America Corporation will post $1.80 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.83%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is presently 28.57%.

Bank of America Corporation announced that its Board of Directors has authorized a share repurchase program 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 purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

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BAC has been the subject of a number of research analyst reports. Vetr cut Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.20 price target for the company. in a report on Monday, June 12th. Deutsche Bank AG restated a “hold” rating on shares of Bank of America Corporation in a report on Monday, July 3rd. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 4th. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. Finally, Jefferies Group LLC restated a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company. Bank of America Corporation currently has a consensus rating of “Buy” and a consensus target price of $24.80.

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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