Berkshire Asset Management LLC PA lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 19.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 119,914 shares of the financial services provider’s stock after selling 29,622 shares during the period. Berkshire Asset Management LLC PA’s holdings in Bank of America Corporation were worth $2,909,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. SeaBridge Investment Advisors LLC increased its stake in Bank of America Corporation by 2.4% in the second quarter. SeaBridge Investment Advisors LLC now owns 199,190 shares of the financial services provider’s stock worth $4,832,000 after buying an additional 4,610 shares in the last quarter. Greenleaf Trust increased its stake in Bank of America Corporation by 32.0% in the second quarter. Greenleaf Trust now owns 43,012 shares of the financial services provider’s stock worth $1,043,000 after buying an additional 10,420 shares in the last quarter. Investment Partners Ltd. OH ADV increased its stake in Bank of America Corporation by 1.9% in the second quarter. Investment Partners Ltd. OH ADV now owns 15,438 shares of the financial services provider’s stock worth $375,000 after buying an additional 281 shares in the last quarter. First Citizens Bank & Trust Co. increased its stake in Bank of America Corporation by 41.5% in the second quarter. First Citizens Bank & Trust Co. now owns 381,687 shares of the financial services provider’s stock worth $9,259,000 after buying an additional 111,950 shares in the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its stake in Bank of America Corporation by 100.5% in the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 1,152,692 shares of the financial services provider’s stock worth $27,981,000 after buying an additional 577,758 shares in the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.

Shares of Bank of America Corporation (BAC) traded down 0.29% during midday trading on Friday, hitting $23.77. The stock had a trading volume of 43,511,878 shares. The stock’s 50-day moving average is $24.22 and its 200-day moving average is $23.84. Bank of America Corporation has a 12 month low of $14.81 and a 12 month high of $25.80. The stock has a market cap of $249.98 billion, a PE ratio of 14.16 and a beta of 1.27.

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

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

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 given a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 2.02%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is currently 17.86%.

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A number of research firms have weighed in on BAC. Vetr raised shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.29 target price for the company in a research report on Monday, August 21st. Jefferies Group LLC reissued a “buy” rating and set a $28.00 target price on shares of Bank of America Corporation in a research report on Friday, August 11th. Wells Fargo & Company began coverage on shares of Bank of America Corporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 target price for the company. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Finally, Instinet reissued a “buy” rating and set a $27.00 target price on shares of Bank of America Corporation in a research report on Saturday, July 22nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $24.01.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.18% of the company’s stock.

About Bank of America Corporation

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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