Bank of America Corporation (BAC) Shares Bought by Fox Run Management L.L.C.

Fox Run Management L.L.C. boosted its position in Bank of America Corporation (NYSE:BAC) by 117.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 61,000 shares of the financial services provider’s stock after purchasing an additional 33,000 shares during the period. Bank of America Corporation comprises 0.5% of Fox Run Management L.L.C.’s holdings, making the stock its 6th largest position. Fox Run Management L.L.C.’s holdings in Bank of America Corporation were worth $1,480,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Mount Vernon Associates Inc. MD lifted its position in Bank of America Corporation by 8.4% during the first quarter. Mount Vernon Associates Inc. MD now owns 86,854 shares of the financial services provider’s stock worth $2,049,000 after acquiring an additional 6,750 shares during the last quarter. Hartford Investment Management Co. lifted its position in Bank of America Corporation by 16.2% during the first quarter. Hartford Investment Management Co. now owns 2,932,902 shares of the financial services provider’s stock worth $69,187,000 after acquiring an additional 409,876 shares during the last quarter. Ledyard National Bank lifted its position in Bank of America Corporation by 143.0% during the first quarter. Ledyard National Bank now owns 20,964 shares of the financial services provider’s stock worth $495,000 after acquiring an additional 12,336 shares during the last quarter. Bollard Group LLC lifted its position in Bank of America Corporation by 12.1% during the first quarter. Bollard Group LLC now owns 148,800 shares of the financial services provider’s stock worth $3,510,000 after acquiring an additional 16,022 shares during the last quarter. Finally, Beech Hill Advisors Inc. lifted its position in Bank of America Corporation by 978.5% during the first quarter. Beech Hill Advisors Inc. now owns 103,000 shares of the financial services provider’s stock worth $2,430,000 after acquiring an additional 93,450 shares during the last quarter. Institutional investors and hedge funds own 61.66% of the company’s stock.

In related news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction on 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 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 legal filing with the SEC, which is available through the SEC website. 0.18% of the stock is currently owned by company insiders.

BAC has been the subject of several research reports. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. CIBC restated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 4th. Vetr downgraded shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price objective for the company. in a research report on Wednesday, June 28th. Finally, Jefferies Group LLC restated a “buy” rating and set a $28.00 price objective on shares of Bank of America Corporation in a research report on Friday, August 11th. Two 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 stock. The company presently has an average rating of “Buy” and an average price target of $24.41.

Shares of Bank of America Corporation (BAC) traded up 0.58% during trading on Friday, hitting $24.38. 85,937,551 shares of the stock were exchanged. The firm has a market capitalization of $256.39 billion, a price-to-earnings ratio of 14.52 and a beta of 1.26. Bank of America Corporation has a 52 week low of $14.81 and a 52 week high of $25.80. The stock’s 50 day moving average price is $24.00 and its 200 day moving average price is $23.82.

Bank of America Corporation (NYSE:BAC) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Thomson Reuters’ 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 company had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same quarter last year, the firm earned $0.41 EPS. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities analysts predict that Bank of America Corporation will post $1.81 earnings per share for the current year.

Bank of America Corporation declared that its board has approved a stock buyback 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 shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors 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 annualized dividend and a dividend yield of 1.97%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is currently 28.57%.

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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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