Bank of America Corporation (BAC) Short Interest Update

Bank of America Corporation (NYSE:BAC) was the target of a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 113,189,964 shares, a drop of 14.0% from the June 15th total of 131,636,140 shares. Based on an average trading volume of 81,976,741 shares, the days-to-cover ratio is currently 1.4 days. Approximately 1.1% of the company’s shares are short sold.

In related news, Director Thomas D. Woods bought 25,000 shares of the business’s stock in a transaction on Thursday, April 27th. The stock was acquired at an average cost of $23.81 per share, with a total value of $595,250.00. Following the purchase, the director now directly owns 40,830 shares of the company’s stock, valued at $972,162.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.18% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Glassman Wealth Services increased its position in shares of Bank of America Corporation by 0.7% in the fourth quarter. Glassman Wealth Services now owns 14,295 shares of the financial services provider’s stock worth $316,000 after buying an additional 100 shares in the last quarter. Sandhill Capital Partners LLC increased its position in shares of Bank of America Corporation by 4.1% in the fourth quarter. Sandhill Capital Partners LLC now owns 862,984 shares of the financial services provider’s stock worth $19,072,000 after buying an additional 34,227 shares in the last quarter. E&G Advisors LP increased its position in shares of Bank of America Corporation by 17.3% in the first quarter. E&G Advisors LP now owns 77,370 shares of the financial services provider’s stock worth $1,825,000 after buying an additional 11,435 shares in the last quarter. Adirondack Trust Co. increased its position in shares of Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock worth $140,000 after buying an additional 519 shares in the last quarter. Finally, Banco Santander S.A. acquired a new position in shares of Bank of America Corporation during the fourth quarter worth approximately $13,600,000. 65.89% of the stock is owned by hedge funds and other institutional investors.

A number of analysts have issued reports on the company. Buckingham Research reaffirmed a “buy” rating and issued a $30.00 target price (up from $27.00) on shares of Bank of America Corporation in a research note on Monday, July 10th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. CIBC reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. Finally, BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $23.03.

Shares of Bank of America Corporation (NYSE BAC) opened at 24.02 on Tuesday. The stock’s 50 day moving average price is $23.26 and its 200 day moving average price is $23.42. Bank of America Corporation has a 12 month low of $13.52 and a 12 month high of $25.80. The firm has a market cap of $252.61 billion, a price-to-earnings ratio of 14.78 and a beta of 1.27.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 2nd were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Wednesday, May 31st. Bank of America Corporation’s dividend payout ratio is currently 18.99%.

Bank of America Corporation declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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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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