Veritable L.P. Has $8.58 Million Stock Position in Bank of America Corp (NYSE:BAC)

Veritable L.P. lowered its stake in Bank of America Corp (NYSE:BAC) by 0.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 295,800 shares of the financial services provider’s stock after selling 517 shares during the quarter. Veritable L.P.’s holdings in Bank of America were worth $8,578,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Girard Partners LTD. lifted its stake in shares of Bank of America by 70.7% in the 2nd quarter. Girard Partners LTD. now owns 188,304 shares of the financial services provider’s stock valued at $5,460,000 after purchasing an additional 77,997 shares during the period. Foresters Investment Management Company Inc. increased its position in shares of Bank of America by 3.2% in the 2nd quarter. Foresters Investment Management Company Inc. now owns 2,213,547 shares of the financial services provider’s stock valued at $64,193,000 after buying an additional 68,405 shares in the last quarter. Cetera Advisors LLC increased its position in shares of Bank of America by 285.5% in the 2nd quarter. Cetera Advisors LLC now owns 392,359 shares of the financial services provider’s stock valued at $11,397,000 after buying an additional 290,571 shares in the last quarter. Cetera Investment Advisers increased its position in shares of Bank of America by 1.4% in the 2nd quarter. Cetera Investment Advisers now owns 78,267 shares of the financial services provider’s stock valued at $2,272,000 after buying an additional 1,107 shares in the last quarter. Finally, First Allied Advisory Services Inc. increased its position in shares of Bank of America by 11.8% in the 2nd quarter. First Allied Advisory Services Inc. now owns 234,454 shares of the financial services provider’s stock valued at $6,799,000 after buying an additional 24,748 shares in the last quarter. 68.61% of the stock is currently owned by institutional investors.

In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.17% of the company’s stock.

BAC stock traded up $0.50 during trading hours on Wednesday, reaching $27.55. 29,225,751 shares of the stock were exchanged, compared to its average volume of 56,453,568. The firm’s 50-day moving average is $28.36 and its 200-day moving average is $28.73. The company has a market cap of $256.07 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 1.08 and a beta of 1.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.37.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The firm had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. During the same quarter in the prior year, the company earned $0.63 EPS. The company’s revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Corp will post 2.83 earnings per share for the current year.

Bank of America declared that its board has approved a share buyback program on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.61%. This is an increase from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. Bank of America’s dividend payout ratio is currently 22.99%.

BAC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a research report on Tuesday, July 9th. Morgan Stanley set a $31.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research report on Friday, August 9th. Wells Fargo & Co set a $34.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research report on Friday, August 16th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research report on Wednesday, July 10th. Finally, DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $32.75.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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