Lowe Brockenbrough & Co. Inc. Boosts Stake in Bank of America Corporation (BAC)

Lowe Brockenbrough & Co. Inc. lifted its holdings in Bank of America Corporation (NYSE:BAC) by 33.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,303 shares of the financial services provider’s stock after buying an additional 4,603 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in Bank of America Corporation were worth $432,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of BAC. Cohen Capital Management Inc. bought a new stake in shares of Bank of America Corporation in the 1st quarter worth about $145,000. DnB Asset Management AS increased its holdings in shares of Bank of America Corporation by 6.0% in the 1st quarter. DnB Asset Management AS now owns 5,477,454 shares of the financial services provider’s stock worth $129,213,000 after buying an additional 311,700 shares during the last quarter. Bank of The West increased its holdings in shares of Bank of America Corporation by 83.5% in the 1st quarter. Bank of The West now owns 37,344 shares of the financial services provider’s stock worth $881,000 after buying an additional 16,993 shares during the last quarter. Coastline Trust Co increased its holdings in shares of Bank of America Corporation by 65.9% in the 1st quarter. Coastline Trust Co now owns 36,627 shares of the financial services provider’s stock worth $864,000 after buying an additional 14,548 shares during the last quarter. Finally, Patten & Patten Inc. TN increased its holdings in shares of Bank of America Corporation by 24.3% in the 1st quarter. Patten & Patten Inc. TN now owns 222,250 shares of the financial services provider’s stock worth $5,243,000 after buying an additional 43,426 shares during the last quarter. Hedge funds and other institutional investors own 61.66% of the company’s stock.

Bank of America Corporation (NYSE:BAC) traded up 1.357% during trading on Wednesday, hitting $24.275. 48,778,713 shares of the stock traded hands. The stock has a market cap of $255.29 billion, a P/E ratio of 14.458 and a beta of 1.26. The company’s 50 day moving average price is $24.00 and its 200-day moving average price is $23.81. Bank of America Corporation has a 52-week low of $14.81 and a 52-week high of $25.80.

Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the consensus estimate 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 business had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same period in the previous year, the firm earned $0.41 EPS. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts forecast that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.00%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is currently 28.57%.

Bank of America Corporation announced that its board has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $12.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

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A number of research firms have recently weighed in on BAC. Vetr downgraded shares of Bank of America Corporation from a “strong-buy” rating to a “hold” rating and set a $24.86 target price on the stock. in a report on Wednesday. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $30.00 price target (up from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. UBS AG reiterated a “neutral” rating and set a $26.00 price target on shares of Bank of America Corporation in a report on Friday, July 21st. Wells Fargo & Company began coverage on shares of Bank of America Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price target on the stock. Finally, Deutsche Bank AG reiterated a “hold” rating on shares of Bank of America Corporation in a report on Monday, July 3rd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $24.41.

In other news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Bank of America Corporation 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 Corporation (NYSE:BAC)

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