Neville Rodie & Shaw Inc. Has $1.01 Million Holdings in Bank of America Corporation (BAC)

Neville Rodie & Shaw Inc. raised its position in Bank of America Corporation (NYSE:BAC) by 1.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,683 shares of the financial services provider’s stock after buying an additional 502 shares during the quarter. Neville Rodie & Shaw Inc.’s holdings in Bank of America Corporation were worth $1,007,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Boston Partners raised its stake in shares of Bank of America Corporation by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock valued at $1,778,802,000 after buying an additional 368,898 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Bank of America Corporation by 0.5% in the first quarter. Russell Investments Group Ltd. now owns 20,358,170 shares of the financial services provider’s stock valued at $480,416,000 after buying an additional 101,657 shares during the period. Rhumbline Advisers raised its stake in shares of Bank of America Corporation by 2.5% in the first quarter. Rhumbline Advisers now owns 17,373,765 shares of the financial services provider’s stock valued at $409,847,000 after buying an additional 419,734 shares during the period. State of Wisconsin Investment Board grew its position in shares of Bank of America Corporation by 13.5% in the first quarter. State of Wisconsin Investment Board now owns 11,302,004 shares of the financial services provider’s stock valued at $266,614,000 after purchasing an additional 1,341,150 shares in the last quarter. Finally, Strs Ohio grew its position in shares of Bank of America Corporation by 4.2% in the first quarter. Strs Ohio now owns 9,015,821 shares of the financial services provider’s stock valued at $212,683,000 after purchasing an additional 360,441 shares in the last quarter. Hedge funds and other institutional investors own 61.66% of the company’s stock.

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Several equities analysts have recently weighed in on BAC shares. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. CIBC reiterated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 4th. Vetr cut Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price target for the company. in a research report on Wednesday, June 28th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 price target on shares of Bank of America Corporation in a research report on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Bank of America Corporation has a consensus rating of “Buy” and an average target price of $24.41.

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 shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.18% of the company’s stock.

Bank of America Corporation (NYSE BAC) traded up 0.58% on Friday, hitting $24.38. The company’s stock had a trading volume of 85,937,551 shares. The firm has a market cap of $256.39 billion, a price-to-earnings ratio of 14.52 and a beta of 1.26. The firm has a 50 day moving average of $24.00 and a 200 day moving average of $23.82. Bank of America Corporation has a 12 month low of $14.81 and a 12 month high of $25.80.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter in the previous year, the firm posted $0.41 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. Equities research analysts forecast that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors 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. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.97%. Bank of America Corporation’s payout ratio is 28.57%.

Bank of America Corporation declared that its Board of Directors has approved a share 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 typically a sign that the company’s leadership believes its stock is undervalued.

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.

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

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