Novare Capital Management LLC lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,771 shares of the financial services provider’s stock after selling 1,058 shares during the quarter. Novare Capital Management LLC’s holdings in Bank of America Corporation were worth $2,178,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Iron Financial LLC grew its holdings in Bank of America Corporation by 4.9% during the second quarter. Iron Financial LLC now owns 26,890 shares of the financial services provider’s stock worth $652,000 after buying an additional 1,258 shares in the last quarter. Chicago Partners Investment Group LLC grew its holdings in Bank of America Corporation by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares in the last quarter. Capital Investment Advisory Services LLC grew its holdings in Bank of America Corporation by 0.3% during the second quarter. Capital Investment Advisory Services LLC now owns 54,809 shares of the financial services provider’s stock worth $1,330,000 after buying an additional 153 shares in the last quarter. Smithfield Trust Co. grew its holdings in Bank of America Corporation by 3.2% during the second quarter. Smithfield Trust Co. now owns 20,878 shares of the financial services provider’s stock worth $506,000 after buying an additional 652 shares in the last quarter. Finally, Seatown Holdings Pte. Ltd. bought a new stake in Bank of America Corporation during the second quarter worth $10,165,000. Institutional investors and hedge funds own 61.64% of the company’s stock.

Shares of Bank of America Corporation (BAC) opened at 26.21 on Monday. Bank of America Corporation has a one year low of $15.60 and a one year high of $26.30. The stock has a market cap of $275.64 billion, a PE ratio of 15.61 and a beta of 1.25. The company’s 50-day moving average price is $24.41 and its 200-day moving average price is $23.83.

Bank of America Corporation (NYSE:BAC) last released its quarterly earnings results 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 business had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. During the same quarter in the previous year, the company posted $0.41 earnings per share. Bank of America Corporation’s revenue for the quarter was up 7.1% on a year-over-year basis. Equities research analysts anticipate that Bank of America Corporation will post $1.80 earnings per share for the current year.

Bank of America Corporation announced that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in 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 typically a sign that the company’s board believes its stock is undervalued.

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

Several equities research analysts recently issued reports on BAC shares. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. CIBC restated an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 11th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 4th. Vetr downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price objective for the company. in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $28.00 price objective on shares of Bank of America Corporation in a research note on Friday, August 11th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $24.80.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction dated 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 completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% of the company’s stock.

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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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