Pinnacle Advisory Group Inc. reduced its stake in shares of Bank of America Corp (NYSE:BAC) by 5.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,056 shares of the financial services provider’s stock after selling 1,720 shares during the quarter. Pinnacle Advisory Group Inc.’s holdings in Bank of America were worth $814,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. M Holdings Securities Inc. increased its stake in Bank of America by 3.2% during the 4th quarter. M Holdings Securities Inc. now owns 93,381 shares of the financial services provider’s stock worth $2,301,000 after buying an additional 2,908 shares during the period. YorkBridge Wealth Partners LLC increased its stake in Bank of America by 7.2% during the 4th quarter. YorkBridge Wealth Partners LLC now owns 32,297 shares of the financial services provider’s stock worth $796,000 after buying an additional 2,175 shares during the period. Wunderlich Capital Managemnt increased its stake in Bank of America by 483.0% during the 4th quarter. Wunderlich Capital Managemnt now owns 30,542 shares of the financial services provider’s stock worth $753,000 after buying an additional 25,303 shares during the period. Western Wealth Management LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $1,806,000. Finally, Vestor Capital LLC increased its stake in Bank of America by 7.1% during the 4th quarter. Vestor Capital LLC now owns 466,078 shares of the financial services provider’s stock worth $11,484,000 after buying an additional 31,066 shares during the period. Hedge funds and other institutional investors own 68.50% of the company’s stock.

Shares of NYSE:BAC traded up $0.26 during trading hours on Thursday, reaching $27.19. The stock had a trading volume of 1,643,474 shares, compared to its average volume of 62,043,188. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.49. The firm’s 50 day moving average is $28.94 and its 200-day moving average is $28.83. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market capitalization of $253.84 billion, a price-to-earnings ratio of 10.42, a P/E/G ratio of 1.07 and a beta of 1.54.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating the Zacks’ 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 company had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.13 billion. During the same period in the prior year, the firm posted $0.63 EPS. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. Analysts forecast that Bank of America Corp will post 2.83 EPS for the current year.

Bank of America announced that its Board of Directors has approved a share buyback plan on Thursday, June 27th that permits the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a $0.18 dividend. The ex-dividend date is Thursday, September 5th. This is an increase 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 2.65%. Bank of America’s dividend payout ratio is currently 22.99%.

BAC has been the topic of several recent research reports. Berenberg Bank set a $30.00 target price on shares of Bank of America and gave the stock a “hold” rating in a research note on Monday, June 17th. DZ Bank raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. cut 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 research note on Tuesday, July 9th. Finally, Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $32.75.

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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