Victory Capital Management Inc. Boosts Position in Bank of America Corporation (BAC)

Victory Capital Management Inc. increased its position in shares of Bank of America Corporation (NYSE:BAC) by 135.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 799,419 shares of the financial services provider’s stock after buying an additional 459,365 shares during the quarter. Victory Capital Management Inc.’s holdings in Bank of America Corporation were worth $19,394,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Tarbox Family Office Inc. grew its holdings in shares of Bank of America Corporation by 0.4% during the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after buying an additional 21 shares in the last quarter. Capital Management Corp VA grew its holdings in shares of Bank of America Corporation by 0.3% during the second quarter. Capital Management Corp VA now owns 10,385 shares of the financial services provider’s stock worth $252,000 after buying an additional 33 shares in the last quarter. Welch Group LLC grew its holdings in shares of Bank of America Corporation by 0.4% during the first quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock worth $237,000 after buying an additional 42 shares in the last quarter. Gateway Advisory LLC grew its holdings in shares of Bank of America Corporation by 0.4% during the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock worth $244,000 after buying an additional 45 shares in the last quarter. Finally, Arbor Investment Advisors LLC grew its holdings in shares of Bank of America Corporation by 0.3% during the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock worth $348,000 after buying an additional 46 shares in the last quarter. Institutional investors and hedge funds own 61.58% of the company’s stock.

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In other news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.18% of the stock is currently owned by company insiders.

Shares of Bank of America Corporation (NYSE:BAC) opened at 27.60 on Tuesday. The firm’s 50-day moving average price is $25.76 and its 200-day moving average price is $24.25. Bank of America Corporation has a one year low of $16.28 and a one year high of $27.98. The company has a market capitalization of $290.25 billion, a price-to-earnings ratio of 15.80 and a beta of 1.25.

Bank of America Corporation (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. During the same period last year, the business earned $0.41 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. Analysts anticipate that Bank of America Corporation will post $1.82 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.74%. Bank of America Corporation’s payout ratio is 27.43%.

A number of research analysts recently issued reports on BAC shares. Vetr downgraded Bank of America Corporation from a “hold” rating to a “sell” rating and set a $23.52 price objective for the company. in a report on Tuesday, July 4th. Deutsche Bank AG reissued a “hold” rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. CIBC reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Robert W. Baird reissued a “hold” rating and set a $24.00 price target on shares of Bank of America Corporation in a research report on Friday, August 25th. Finally, BidaskClub raised Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have assigned a buy rating and three have given a strong buy rating to the company. Bank of America Corporation presently has a consensus rating of “Buy” and an average price target of $25.47.

Bank of America Corporation 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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Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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