FinTrust Capital Advisors LLC increased its holdings in Bank of America Corp (NYSE:BAC) by 2.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,575 shares of the financial services provider’s stock after purchasing an additional 734 shares during the period. FinTrust Capital Advisors LLC’s holdings in Bank of America were worth $828,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Squar Milner Financial Services LLC boosted its holdings in Bank of America by 1.3% in the first quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock valued at $737,000 after acquiring an additional 348 shares during the last quarter. Barber Financial Group Inc. lifted its stake in shares of Bank of America by 2.1% during the first quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock worth $473,000 after purchasing an additional 360 shares in the last quarter. Rowland & Co. Investment Counsel ADV lifted its stake in shares of Bank of America by 9.7% during the second quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 360 shares in the last quarter. Kistler Tiffany Companies LLC lifted its stake in shares of Bank of America by 2.4% during the second quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock worth $456,000 after purchasing an additional 365 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its stake in shares of Bank of America by 2.0% during the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 19,058 shares of the financial services provider’s stock worth $553,000 after purchasing an additional 368 shares in the last quarter. 69.50% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have commented on the company. Atlantic Securities cut Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective on the stock. in a research note on Tuesday, April 30th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $32.00 to $36.00 in a research note on Friday, July 26th. Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective on the stock. in a research note on Wednesday, July 10th. Berenberg Bank set a $30.00 price objective on Bank of America and gave the stock a “hold” rating in a research note on Monday, June 17th. Finally, Morgan Stanley set a $31.00 price objective on Bank of America and gave the stock a “buy” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $32.89.

Shares of NYSE BAC traded up $0.10 during midday trading on Thursday, reaching $26.52. 2,484,585 shares of the company’s stock were exchanged, compared to its average volume of 57,185,536. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.49. The company has a market capitalization of $257.28 billion, a PE ratio of 10.15, a PEG ratio of 1.09 and a beta of 1.54. 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 stock’s fifty day moving average price is $29.20.

Bank of America (NYSE:BAC) last announced 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 business had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. During the same period in the previous year, the company earned $0.63 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts expect that Bank of America Corp will post 2.83 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a share buyback program on Thursday, June 27th that allows the company to buyback $30.90 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

The firm 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 represents a $0.72 dividend on an annualized basis and a dividend yield of 2.71%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, September 5th. Bank of America’s payout ratio is presently 22.99%.

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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