Institute for Wealth Management LLC. Has $4.28 Million Stock Holdings in Bank of America Corp (NYSE:BAC)

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Institute for Wealth Management LLC. lifted its stake in shares of Bank of America Corp (NYSE:BAC) by 3.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 147,537 shares of the financial services provider’s stock after acquiring an additional 5,438 shares during the quarter. Bank of America makes up 0.9% of Institute for Wealth Management LLC.’s holdings, making the stock its 13th biggest holding. Institute for Wealth Management LLC.’s holdings in Bank of America were worth $4,279,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently modified their holdings of the company. Squar Milner Financial Services LLC increased its holdings in Bank of America by 1.3% in the first quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock worth $737,000 after purchasing an additional 348 shares in the last quarter. Barber Financial Group Inc. increased its holdings in Bank of America by 2.1% in the first quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock worth $473,000 after purchasing an additional 360 shares in the last quarter. Rowland & Co. Investment Counsel ADV increased its holdings in Bank of America by 9.7% in the second quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 360 shares in the last quarter. Holderness Investments Co. increased its holdings in Bank of America by 0.6% in the second quarter. Holderness Investments Co. now owns 64,230 shares of the financial services provider’s stock worth $1,863,000 after purchasing an additional 360 shares in the last quarter. Finally, Kistler Tiffany Companies LLC increased its holdings in Bank of America by 2.4% in the second quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock worth $456,000 after purchasing an additional 365 shares in the last quarter. Institutional investors own 69.50% of the company’s stock.

A number of brokerages have weighed in on BAC. Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price for the company. in a report on Wednesday, July 10th. DZ Bank upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Friday. JPMorgan Chase & Co. lowered their target price on Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a report on Tuesday, July 9th. Morgan Stanley set a $31.00 target price on Bank of America and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price for the company in a report on Monday, June 17th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. Bank of America presently has an average rating of “Hold” and a consensus price target of $32.89.

Shares of NYSE BAC traded up $0.78 during midday trading on Friday, hitting $27.03. 69,385,100 shares of the stock traded hands, compared to its average volume of 60,056,972. The company has a market cap of $244.34 billion, a PE ratio of 10.36, a P/E/G ratio of 1.03 and a beta of 1.54. Bank of America Corp has a one year low of $22.66 and a one year high of $31.49. The business has a 50 day moving average price of $29.15 and a two-hundred day moving average price of $28.87. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.63 earnings per share. As a group, equities research analysts forecast that Bank of America Corp will post 2.83 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.18 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.66%. Bank of America’s payout ratio is currently 22.99%.

Bank of America announced that its board has approved a stock buyback plan on Thursday, June 27th that permits the company to buyback $30.90 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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