Braun Stacey Associates Inc. reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 900,204 shares of the financial services provider’s stock after selling 13,135 shares during the quarter. Bank of America Corporation accounts for 1.4% of Braun Stacey Associates Inc.’s holdings, making the stock its 6th biggest holding. Braun Stacey Associates Inc.’s holdings in Bank of America Corporation were worth $21,839,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Boston Partners raised its position in Bank of America Corporation by 0.5% during the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock valued at $1,778,802,000 after purchasing an additional 368,898 shares in the last quarter. Legal & General Group Plc lifted its stake in Bank of America Corporation by 0.8% during the first quarter. Legal & General Group Plc now owns 49,789,644 shares of the financial services provider’s stock worth $1,174,642,000 after purchasing an additional 380,726 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Bank of America Corporation by 1.2% during the first quarter. Schwab Charles Investment Management Inc. now owns 32,935,455 shares of the financial services provider’s stock worth $776,948,000 after purchasing an additional 384,349 shares during the last quarter. APG Asset Management N.V. lifted its stake in Bank of America Corporation by 14.8% during the second quarter. APG Asset Management N.V. now owns 30,054,575 shares of the financial services provider’s stock worth $729,124,000 after purchasing an additional 3,868,186 shares during the last quarter. Finally, Sanders Capital LLC lifted its stake in Bank of America Corporation by 0.8% during the second quarter. Sanders Capital LLC now owns 29,023,032 shares of the financial services provider’s stock worth $777,151,000 after purchasing an additional 243,217 shares during the last quarter. 61.64% of the stock is currently owned by institutional investors.

BAC has been the subject of a number of research analyst reports. Vetr cut Bank of America Corporation from a “hold” rating to a “sell” rating and set a $25.08 price target for the company. in a report on Wednesday. Robert W. Baird reaffirmed a “hold” rating and issued a $24.00 price objective on shares of Bank of America Corporation in a research note on Sunday. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Deutsche Bank AG reiterated a “hold” rating and issued a $25.00 target price (up previously from $23.00) on shares of Bank of America Corporation in a research report on Tuesday, September 26th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $28.00 target price on shares of Bank of America Corporation in a research note on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company. Bank of America Corporation has a consensus rating of “Buy” and a consensus target price of $24.90.

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Bank of America Corporation (NYSE BAC) opened at 25.86 on Wednesday. Bank of America Corporation has a one year low of $15.60 and a one year high of $25.93. The company has a market capitalization of $271.96 billion, a PE ratio of 15.40 and a beta of 1.25. The company has a 50 day moving average price of $24.24 and a 200-day moving average price of $23.79.

Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same quarter in the previous year, the firm posted $0.41 EPS. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post $1.81 EPS for the current fiscal year.

Bank of America Corporation declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were paid a $0.12 dividend. 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 1.86%. The ex-dividend date of this dividend was Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is presently 28.57%.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the sale, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.18% of the stock is owned by corporate 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.

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

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