Summit Financial Wealth Advisors LLC lessened its position in shares of Bank of America Corp (NYSE:BAC) by 3.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,910 shares of the financial services provider’s stock after selling 662 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in Bank of America were worth $459,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Peddock Capital Advisors LLC lifted its position in shares of Bank of America by 2.9% during the 1st quarter. Peddock Capital Advisors LLC now owns 59,130 shares of the financial services provider’s stock worth $1,395,000 after buying an additional 1,694 shares during the last quarter. CI Investments Inc. lifted its position in shares of Bank of America by 13.1% during the 1st quarter. CI Investments Inc. now owns 6,523,837 shares of the financial services provider’s stock worth $153,897,000 after buying an additional 756,738 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Bank of America by 28.4% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 743,649 shares of the financial services provider’s stock worth $17,543,000 after buying an additional 164,379 shares during the last quarter. Mraz Amerine & Associates Inc. lifted its position in shares of Bank of America by 0.8% during the 1st quarter. Mraz Amerine & Associates Inc. now owns 25,412 shares of the financial services provider’s stock worth $593,000 after buying an additional 210 shares during the last quarter. Finally, Caldwell & Orkin Inc. lifted its position in shares of Bank of America by 55.9% during the 1st quarter. Caldwell & Orkin Inc. now owns 126,465 shares of the financial services provider’s stock worth $2,983,000 after buying an additional 45,365 shares during the last quarter. Institutional investors own 68.28% of the company’s stock.

Several analysts have recently weighed in on BAC shares. Vetr upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective for the company in a research report on Wednesday, August 30th. Royal Bank Of Canada restated a “buy” rating and set a $30.00 price objective on shares of Bank of America in a research report on Friday. Credit Suisse Group restated an “outperform” rating on shares of Bank of America in a research report on Tuesday, October 10th. Zacks Investment Research downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Finally, Citigroup reiterated a “neutral” rating and issued a $27.00 price target (up previously from $25.00) on shares of Bank of America in a research report on Monday, October 9th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $26.32.

Bank of America Corp (BAC) opened at $29.05 on Friday. The company has a market cap of $303,009.22, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 2.01 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 12-month low of $21.77 and a 12-month high of $29.31.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. Bank of America’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 EPS. sell-side analysts expect that Bank of America Corp will post 1.81 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.65%. Bank of America’s payout ratio is currently 27.43%.

Bank of America declared that its Board of Directors has approved a share buyback program on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

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Bank of America 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 (NYSE:BAC)

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