Bank of America Corporation (BAC) Position Increased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. increased its holdings in Bank of America Corporation (NYSE:BAC) by 1.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 554,968 shares of the financial services provider’s stock after purchasing an additional 8,776 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Bank of America Corporation were worth $13,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Northwest Investment Counselors LLC bought a new stake in Bank of America Corporation during the 2nd quarter valued at approximately $100,000. Armbruster Capital Management Inc. boosted its position in Bank of America Corporation by 10.8% during the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 423 shares in the last quarter. Chicago Partners Investment Group LLC boosted its position in Bank of America Corporation by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 450 shares in the last quarter. Tarbox Family Office Inc. boosted its position in Bank of America Corporation by 0.4% during the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 21 shares in the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its position in Bank of America Corporation by 47.1% during the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after acquiring an additional 1,850 shares in the last quarter. 62.19% of the stock is currently owned by institutional investors and hedge funds.

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Several analysts have weighed in on the company. BidaskClub raised Bank of America Corporation from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. Vetr raised Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a research report on Wednesday, August 30th. Instinet reaffirmed a “buy” rating and set a $27.00 price objective on shares of Bank of America Corporation in a research report on Saturday, July 22nd. BMO Capital Markets reaffirmed a “market perform” rating and set a $29.00 price objective (up from $27.00) on shares of Bank of America Corporation in a research report on Monday, October 16th. Finally, Wells Fargo & Company assumed coverage on Bank of America Corporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the company. Bank of America Corporation presently has a consensus rating of “Buy” and an average target price of $25.82.

Shares of Bank of America Corporation (BAC) opened at $26.51 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $276,515.47, a price-to-earnings ratio of 15.15, a PEG ratio of 1.84 and a beta of 1.31. Bank of America Corporation has a 12 month low of $18.63 and a 12 month high of $27.98.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. Bank of America Corporation’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.41 EPS. research analysts anticipate that Bank of America Corporation will post 1.8 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a $0.12 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.81%. Bank of America Corporation’s dividend payout ratio (DPR) is 27.43%.

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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