Bank of America Corporation (BAC) Shares Sold by Probity Advisors Inc.

Probity Advisors Inc. trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 6.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,987 shares of the financial services provider’s stock after selling 687 shares during the period. Probity Advisors Inc.’s holdings in Bank of America Corporation were worth $242,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. M Holdings Securities Inc. grew its position in Bank of America Corporation by 72.9% during the 1st quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock worth $2,242,000 after purchasing an additional 40,069 shares in the last quarter. Waldron LP grew its position in Bank of America Corporation by 112.2% during the 1st quarter. Waldron LP now owns 24,550 shares of the financial services provider’s stock worth $578,000 after purchasing an additional 12,978 shares in the last quarter. First National Trust Co. grew its position in Bank of America Corporation by 48.2% during the 1st quarter. First National Trust Co. now owns 106,178 shares of the financial services provider’s stock worth $2,505,000 after purchasing an additional 34,555 shares in the last quarter. Abner Herrman & Brock LLC grew its position in Bank of America Corporation by 2.1% during the 1st quarter. Abner Herrman & Brock LLC now owns 647,837 shares of the financial services provider’s stock worth $15,282,000 after purchasing an additional 13,342 shares in the last quarter. Finally, Duncker Streett & Co. Inc. grew its position in Bank of America Corporation by 3.9% during the 1st quarter. Duncker Streett & Co. Inc. now owns 112,381 shares of the financial services provider’s stock worth $2,651,000 after purchasing an additional 4,239 shares in the last quarter. Hedge funds and other institutional investors own 61.63% of the company’s stock.

Bank of America Corporation (NYSE:BAC) opened at 25.06 on Thursday. Bank of America Corporation has a 12-month low of $14.81 and a 12-month high of $25.80. The stock’s 50 day moving average is $24.04 and its 200 day moving average is $23.79. The company has a market cap of $263.54 billion, a P/E ratio of 14.93 and a beta of 1.26.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.41 earnings per share. On average, equities analysts forecast that Bank of America Corporation will post $1.81 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.92%. This is a boost 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%.

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

In other Bank of America Corporation 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 value of $2,096,194.08. Following the completion of the sale, the director now owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.18% of the company’s stock.

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Several equities analysts have weighed in on BAC shares. Vetr upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a research report on Wednesday, August 30th. Credit Suisse Group reiterated a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. BidaskClub upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $26.00 price objective on shares of Bank of America Corporation in a research report on Thursday, July 20th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average 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.

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

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