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

Investors purchased shares of Bank of America Corporation (NYSE:BAC) on weakness during trading on Tuesday. $336.36 million flowed into the stock on the tick-up and $267.28 million flowed out of the stock on the tick-down, for a money net flow of $69.08 million into the stock. Of all companies tracked, Bank of America Corporation had the 7th highest net in-flow for the day. Bank of America Corporation traded down ($0.06) for the day and closed at $24.90

A number of analysts have issued reports on BAC shares. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. CIBC reissued an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 4th. Vetr downgraded shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price target for the company. in a report on Wednesday, June 28th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a report on Friday, August 11th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Bank of America Corporation presently has an average rating of “Buy” and an average target price of $23.94.

The company’s 50 day moving average price is $24.34 and its 200 day moving average price is $23.82. The firm has a market cap of $248.40 billion, a PE ratio of 14.07 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the 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 quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. On average, equities analysts forecast that Bank of America Corporation will post $1.81 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is currently 17.86%.

Bank of America Corporation announced that its Board of Directors has authorized a stock repurchase program 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 programs are usually an indication that the company’s board believes its shares are undervalued.

In related news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation 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 completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. purchased a new stake in Bank of America Corporation during the second quarter worth approximately $1,017,000. Northwest Investment Counselors LLC bought a new position in shares of Bank of America Corporation during the second quarter worth about $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. 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. Finally, Gradient Investments LLC increased its position in shares of Bank of America Corporation by 18.2% in the first quarter. Gradient Investments LLC now owns 4,542 shares of the financial services provider’s stock worth $107,000 after buying an additional 700 shares during the last quarter. 65.99% of the stock is owned by hedge funds and other institutional investors.

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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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