Wade G W & Inc. Lowers Position in Bank of America Corporation (BAC)

Wade G W & Inc. cut its stake in Bank of America Corporation (NYSE:BAC) by 0.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 67,292 shares of the financial services provider’s stock after selling 334 shares during the period. Wade G W & Inc.’s holdings in Bank of America Corporation were worth $1,587,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Capital Management Corp VA increased its position in Bank of America Corporation by 0.3% in the first quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock valued at $244,000 after buying an additional 33 shares during the period. Welch Group LLC increased its position in shares of Bank of America Corporation by 0.4% in the first quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock worth $237,000 after buying an additional 42 shares during the last quarter. WealthTrust Axiom LLC increased its position in shares of Bank of America Corporation by 0.3% in the first quarter. WealthTrust Axiom LLC now owns 23,366 shares of the financial services provider’s stock worth $551,000 after buying an additional 70 shares during the last quarter. Horrell Capital Management Inc. increased its position in shares of Bank of America Corporation by 0.3% in the first quarter. Horrell Capital Management Inc. now owns 37,950 shares of the financial services provider’s stock worth $895,000 after buying an additional 100 shares during the last quarter. Finally, McQueen Ball & Associates Inc. increased its position in shares of Bank of America Corporation by 0.6% in the first quarter. McQueen Ball & Associates Inc. now owns 28,381 shares of the financial services provider’s stock worth $670,000 after buying an additional 158 shares during the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.

Shares of Bank of America Corporation (BAC) traded down 0.08% on Friday, hitting $23.62. The company had a trading volume of 60,461,197 shares. The company has a market capitalization of $248.40 billion, a P/E ratio of 14.07 and a beta of 1.27. The firm has a 50-day moving average price of $24.34 and a 200 day moving average price of $23.82. Bank of America Corporation has a 12-month low of $14.70 and a 12-month high of $25.80.

Bank of America Corporation (NYSE:BAC) last released 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 return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same period in the prior year, the company posted $0.41 EPS. The company’s revenue was up 7.1% compared to the same quarter last year. Equities analysts expect that Bank of America Corporation will post $1.81 EPS for the current year.

Bank of America Corporation announced that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.03%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is 17.86%.

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BAC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $27.00 price objective on shares of Bank of America Corporation in a research report on Wednesday, June 7th. Credit Suisse Group reaffirmed a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. Jefferies Group LLC reissued a “buy” rating and set a $28.00 price objective on shares of Bank of America Corporation in a report on Friday, May 5th. Vetr downgraded shares of Bank of America Corporation from a “strong-buy” rating to a “buy” rating and set a $26.28 target price for the company. in a research note on Tuesday, May 2nd. Finally, BidaskClub upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a research note on Friday, July 7th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $23.94.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.18% of the stock is currently owned by insiders.

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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