Patriot Wealth Management Inc. purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, Holdings Channel reports. The fund purchased 271,957 shares of the financial services provider’s stock, valued at approximately $6,598,000.

Other hedge funds have also bought and sold shares of the company. Pekin Singer Strauss Asset Management IL boosted its position in Bank of America Corporation by 6.5% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 24,640 shares of the financial services provider’s stock worth $545,000 after buying an additional 1,500 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Bank of America Corporation during the fourth quarter worth about $33,403,000. Wealthfront Inc. raised its position in shares of Bank of America Corporation by 23.2% in the fourth quarter. Wealthfront Inc. now owns 319,116 shares of the financial services provider’s stock worth $7,052,000 after buying an additional 60,073 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in shares of Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock worth $933,718,000 after buying an additional 8,595,423 shares during the last quarter. Finally, Perigon Wealth Management LLC raised its position in shares of Bank of America Corporation by 769.4% in the fourth quarter. Perigon Wealth Management LLC now owns 144,947 shares of the financial services provider’s stock worth $3,700,000 after buying an additional 128,275 shares during the last quarter. Institutional investors own 66.42% of the company’s stock.

Shares of Bank of America Corporation (NYSE:BAC) traded down 1.08% during mid-day trading on Friday, hitting $23.86. The stock had a trading volume of 68,157,429 shares. The firm has a market capitalization of $250.92 billion, a price-to-earnings ratio of 14.21 and a beta of 1.27. The stock’s 50-day moving average is $24.25 and its 200 day moving average is $23.78. Bank of America Corporation has a 1-year low of $14.81 and a 1-year high of $25.80.

Bank of America Corporation (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ 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 during the quarter, compared to the consensus estimate of $21.84 billion. During the same period in the prior year, the firm earned $0.41 earnings per share. Bank of America Corporation’s revenue was up 7.1% on a year-over-year basis. Equities research analysts predict that Bank of America Corporation will post $1.82 EPS for the current fiscal year.

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

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a $0.12 dividend. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is presently 17.86%.

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Several equities research analysts recently issued reports on the company. Jefferies Group LLC reissued a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a research report on Friday. Vetr raised Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 target price on the stock in a research report on Friday, July 14th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $30.00 target price (up from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. UBS AG reaffirmed a “neutral” rating and issued a $26.00 target price on shares of Bank of America Corporation in a research report on Friday, July 21st. Finally, Wells Fargo & Company assumed coverage on Bank of America Corporation in a research note on Wednesday. They issued an “outperform” rating and a $30.00 price target for the company. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. Bank of America Corporation currently has an average rating of “Buy” and a consensus price target of $23.94.

In related news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction dated 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 transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.18% of the stock is owned by corporate insiders.

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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