Milestone Group Inc. bought a new stake in Bank of America Corp (NYSE:BAC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 9,012 shares of the financial services provider’s stock, valued at approximately $261,000.

Other large investors have also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale lifted its holdings in shares of Bank of America by 31.6% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 4,016,468 shares of the financial services provider’s stock worth $114,544,000 after acquiring an additional 963,694 shares during the last quarter. Close Asset Management Ltd lifted its holdings in shares of Bank of America by 57.9% in the 2nd quarter. Close Asset Management Ltd now owns 21,634 shares of the financial services provider’s stock worth $627,000 after acquiring an additional 7,934 shares during the last quarter. Sunbelt Securities Inc. lifted its holdings in shares of Bank of America by 2.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 28,754 shares of the financial services provider’s stock worth $834,000 after acquiring an additional 811 shares during the last quarter. Coastal Investment Advisors Inc. lifted its holdings in shares of Bank of America by 30.7% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 46,447 shares of the financial services provider’s stock worth $1,359,000 after acquiring an additional 10,904 shares during the last quarter. Finally, Cape Cod Five Cents Savings Bank lifted its holdings in shares of Bank of America by 9.4% in the 2nd quarter. Cape Cod Five Cents Savings Bank now owns 23,909 shares of the financial services provider’s stock worth $693,000 after acquiring an additional 2,062 shares during the last quarter. Institutional investors own 69.50% of the company’s stock.

BAC has been the topic of several recent analyst reports. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Morgan Stanley set a $31.00 target price on shares of Bank of America and gave the stock a “buy” rating in a report on Friday, August 9th. Jefferies Financial Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price on the stock. in a report on Wednesday, April 17th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $32.89.

Shares of NYSE BAC traded down $1.12 during midday trading on Wednesday, hitting $26.53. The company had a trading volume of 38,148,686 shares, compared to its average volume of 56,724,904. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a 50-day simple moving average of $29.23. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.49. The firm has a market cap of $263.70 billion, a price-to-earnings ratio of 10.16, a price-to-earnings-growth ratio of 1.11 and a beta of 1.54.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.13 billion. During the same period last year, the firm posted $0.63 EPS. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. Research analysts forecast that Bank of America Corp will post 2.83 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.18 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend is Thursday, September 5th. Bank of America’s payout ratio is presently 22.99%.

Bank of America announced that its board has initiated a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

About Bank of America

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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