Bank of America Corporation (BAC) Short Interest Update

Bank of America Corporation (NYSE:BAC) was the recipient of a significant drop in short interest in 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 daily 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.

Bank of America Corporation (NYSE:BAC) opened at 23.86 on Friday. The firm has a 50-day moving average price of $24.25 and a 200-day moving average price of $23.78. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80. The firm has a market cap of $250.92 billion, a PE ratio of 14.21 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 earnings per share. On average, equities analysts expect that Bank of America Corporation will post $1.82 EPS for the current fiscal year.

Bank of America Corporation declared that its Board of Directors has approved a share buyback 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 buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.12 dividend. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.01%. Bank of America Corporation’s dividend payout ratio (DPR) is presently 17.86%.

BAC has been the topic of several recent analyst reports. Jefferies Group LLC reiterated a “buy” rating and set a $28.00 price objective on shares of Bank of America Corporation in a report on Friday. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $30.00 price objective (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. Royal Bank Of Canada restated a “buy” rating and issued a $26.00 target price on shares of Bank of America Corporation in a research note on Thursday, July 20th. Finally, Vetr upgraded Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 target price on the stock in a research note on Thursday, June 15th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $23.94.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.18% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vantage Financial Partners Ltd. Inc. acquired a new position in shares of Bank of America Corporation during the second quarter worth approximately $1,017,000. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America Corporation during the second quarter worth approximately $100,000. Armbruster Capital Management Inc. increased its position in shares of Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after buying an additional 423 shares during the last quarter. Integrated Investment Consultants LLC increased its position in shares of Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock worth $103,000 after buying an additional 500 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its position in shares of Bank of America Corporation by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares during the last quarter. 66.42% of the stock is owned by hedge funds and other institutional investors.

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Bank of America Corporation Company Profile

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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