Berson & Corrado Investment Advisors LLC Boosts Stake in Bank of America Corporation (BAC)

Berson & Corrado Investment Advisors LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 321,974 shares of the financial services provider’s stock after purchasing an additional 5,594 shares during the period. Bank of America Corporation accounts for about 4.3% of Berson & Corrado Investment Advisors LLC’s holdings, making the stock its 3rd biggest position. Berson & Corrado Investment Advisors LLC’s holdings in Bank of America Corporation were worth $7,811,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the stock. Boston Partners raised its position in shares of Bank of America Corporation by 0.5% during the 1st quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock worth $1,778,802,000 after purchasing an additional 368,898 shares during the last quarter. Legal & General Group Plc raised its position in shares of Bank of America Corporation by 0.8% during the 1st 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. raised its position in shares of Bank of America Corporation by 1.2% during the 1st 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. Russell Investments Group Ltd. raised its position in shares of Bank of America Corporation by 0.5% during the 1st quarter. Russell Investments Group Ltd. now owns 20,358,170 shares of the financial services provider’s stock worth $480,416,000 after purchasing an additional 101,657 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of Bank of America Corporation by 2.5% during the 1st quarter. Rhumbline Advisers now owns 17,373,765 shares of the financial services provider’s stock worth $409,847,000 after purchasing an additional 419,734 shares during the last quarter. Hedge funds and other institutional investors own 61.63% of the company’s stock.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction on 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 sale, the director now directly owns 50,000 shares in the company, valued at approximately $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.18% of the company’s stock.

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Shares of Bank of America Corporation (NYSE BAC) traded up 1.296% during midday trading on Monday, hitting $24.696. 33,841,391 shares of the stock were exchanged. The firm has a market cap of $259.71 billion, a P/E ratio of 14.709 and a beta of 1.26. The stock’s 50 day moving average is $24.00 and its 200 day moving average is $23.82. Bank of America Corporation has a 12-month low of $14.81 and a 12-month high of $25.80.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the business posted $0.41 EPS. On average, 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 declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.97%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is currently 28.57%.

Bank of America Corporation announced that its board has initiated a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Several research analysts recently issued reports on BAC shares. Vetr downgraded Bank of America Corporation from a “hold” rating to a “sell” rating and set a $23.52 price objective for the company. in a research report on Tuesday, July 4th. Deutsche Bank AG restated a “hold” rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. CIBC restated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Robert W. Baird restated a “hold” rating and set a $24.00 price objective on shares of Bank of America Corporation in a research report on Friday, August 25th. Finally, BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $24.41.

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.

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

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