Copperwynd Financial LLC boosted its stake in shares of Bank of America Corp (NYSE:BAC) by 60.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 33,399 shares of the financial services provider’s stock after acquiring an additional 12,586 shares during the period. Bank of America accounts for approximately 0.7% of Copperwynd Financial LLC’s portfolio, making the stock its 18th biggest position. Copperwynd Financial LLC’s holdings in Bank of America were worth $942,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its position in shares of Bank of America by 1.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 44,255,820 shares of the financial services provider’s stock worth $1,327,233,000 after acquiring an additional 452,837 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Bank of America by 0.7% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 34,514,599 shares of the financial services provider’s stock worth $1,035,093,000 after acquiring an additional 247,700 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Bank of America by 7.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 31,597,712 shares of the financial services provider’s stock worth $890,740,000 after acquiring an additional 2,057,669 shares in the last quarter. LSV Asset Management boosted its position in shares of Bank of America by 0.7% during the 1st quarter. LSV Asset Management now owns 29,892,545 shares of the financial services provider’s stock worth $896,477,000 after acquiring an additional 221,600 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Bank of America by 5.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 26,618,462 shares of the financial services provider’s stock worth $750,376,000 after acquiring an additional 1,460,474 shares in the last quarter. Institutional investors own 66.91% of the company’s stock.

Shares of Bank of America opened at $31.60 on Friday, according to Marketbeat. The stock has a market capitalization of $322.78 billion, a P/E ratio of 14.32, a PEG ratio of 1.56 and a beta of 1.29. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.94. Bank of America Corp has a 52-week low of $22.75 and a 52-week high of $33.05.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.06. The firm had revenue of $22.60 billion during the quarter, compared to the consensus estimate of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.46 EPS. research analysts forecast that Bank of America Corp will post 2.53 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be paid a dividend of $0.15 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a yield of 1.90%. Bank of America’s dividend payout ratio is currently 26.23%.

Bank of America announced that its board has approved a stock buyback plan on Thursday, June 28th that authorizes the company to buyback $20.60 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Several research firms have recently issued reports on BAC. Citigroup upped their price objective on Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 24th. Barclays upped their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 17th. Jefferies Financial Group reaffirmed a “buy” rating and set a $34.00 price objective on shares of Bank of America in a research report on Tuesday, April 17th. Vetr cut Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.17 price objective for the company. in a research report on Tuesday, April 17th. Finally, Vining Sparks assumed coverage on Bank of America in a research report on Monday, April 16th. They set a “buy” rating and a $35.00 price objective for the company. Nine investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Bank of America currently has a consensus rating of “Buy” and a consensus price target of $32.37.

Bank of America Company 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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