Investors Buy Shares of Bank of America Corporation (NYSE:BAC) on Weakness

Investors bought shares of Bank of America Corporation (NYSE:BAC) on weakness during trading on Thursday. $305.28 million flowed into the stock on the tick-up and $274.51 million flowed out of the stock on the tick-down, for a money net flow of $30.77 million into the stock. Of all equities tracked, Bank of America Corporation had the 27th highest net in-flow for the day. Bank of America Corporation traded down ($0.62) for the day and closed at $24.12

BAC has been the topic of a number of recent research reports. Nomura restated a “buy” rating on shares of Bank of America Corporation in a report on Wednesday, April 19th. Vining Sparks upgraded shares of Bank of America Corporation to a “strong-buy” rating and set a $28.00 target price on the stock in a report on Wednesday, April 19th. Barclays PLC restated an “equal weight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Bank of America Corporation in a report on Saturday, April 22nd. Berenberg Bank cut shares of Bank of America Corporation from a “buy” rating to a “hold” rating and raised their target price for the stock from $15.00 to $22.00 in a report on Monday, April 24th. Finally, Zacks Investment Research cut shares of Bank of America Corporation from a “buy” rating to a “hold” rating in a report on Monday, April 24th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $23.94.

The stock’s 50-day moving average price is $24.25 and its 200 day moving average price is $23.78. The company has a market capitalization of $250.92 billion, a P/E ratio of 14.21 and a beta of 1.27.

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

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

Bank of America Corporation announced that its board has authorized a share buyback plan on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

In related news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.18% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of BAC. Pekin Singer Strauss Asset Management IL boosted its position in Bank of America Corporation by 6.5% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 24,640 shares of the financial services provider’s stock valued at $545,000 after buying an additional 1,500 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Bank of America Corporation during the fourth quarter valued at $33,403,000. Wealthfront Inc. boosted its position in Bank of America Corporation by 23.2% in the fourth quarter. Wealthfront Inc. now owns 319,116 shares of the financial services provider’s stock valued at $7,052,000 after buying an additional 60,073 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock valued at $933,718,000 after buying an additional 8,595,423 shares during the last quarter. Finally, Perigon Wealth Management LLC boosted its position in Bank of America Corporation by 769.4% in the fourth quarter. Perigon Wealth Management LLC now owns 144,947 shares of the financial services provider’s stock valued at $3,700,000 after buying an additional 128,275 shares during the last quarter. 66.42% of the stock is currently owned by 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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