Westpac Banking Corp increased its stake in Bank of America Corp (NYSE:BAC) by 6.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,279,477 shares of the financial services provider’s stock after buying an additional 80,640 shares during the quarter. Westpac Banking Corp’s holdings in Bank of America were worth $37,105,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BAC. Squar Milner Financial Services LLC increased its holdings in Bank of America by 1.3% in the first quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock worth $737,000 after buying an additional 348 shares during the last quarter. Barber Financial Group Inc. increased its holdings in Bank of America by 2.1% in the first quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock worth $473,000 after buying an additional 360 shares during the last quarter. Rowland & Co. Investment Counsel ADV increased its holdings in Bank of America by 9.7% in the second quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock worth $119,000 after buying an additional 360 shares during the last quarter. Kistler Tiffany Companies LLC increased its holdings in Bank of America by 2.4% in the second quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock worth $456,000 after buying an additional 365 shares during the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its holdings in Bank of America by 2.0% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 19,058 shares of the financial services provider’s stock worth $553,000 after buying an additional 368 shares during the last quarter. 69.50% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts recently commented on BAC shares. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $32.00 to $36.00 in a report on Friday, July 26th. JPMorgan Chase & Co. dropped their price objective on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a report on Tuesday, July 9th. Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective on the stock. in a report on Tuesday, April 30th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective on the stock in a report on Monday, June 17th. Finally, Jefferies Financial Group cut Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price for the company. in a research report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $32.89.

Shares of BAC traded up $0.09 during mid-day trading on Tuesday, hitting $27.73. The company’s stock had a trading volume of 61,215,198 shares, compared to its average volume of 56,724,904. Bank of America Corp has a one year low of $22.66 and a one year high of $31.49. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market capitalization of $263.70 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 1.11 and a beta of 1.54. The business has a 50-day moving average of $29.24.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. Bank of America’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the business earned $0.63 earnings per share. Research analysts expect that Bank of America Corp will post 2.83 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a $0.18 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 2.60%. The ex-dividend date is Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is 22.99%.

Bank of America declared that its Board of Directors has approved a stock repurchase program on Thursday, June 27th that permits the company to repurchase $30.90 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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