Bank of America Corporation (BAC) Shares Sold by Roanoke Asset Management Corp NY

Roanoke Asset Management Corp NY cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 231,064 shares of the financial services provider’s stock after selling 13,970 shares during the period. Bank of America Corporation comprises about 2.7% of Roanoke Asset Management Corp NY’s investment portfolio, making the stock its 7th largest position. Roanoke Asset Management Corp NY’s holdings in Bank of America Corporation were worth $5,606,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America Corporation during the second quarter valued at approximately $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 valued at $102,000 after buying an additional 423 shares during the period. PHH Investments Ltd. purchased a new position in shares of Bank of America Corporation during the fourth quarter valued at approximately $103,000. Integrated Investment Consultants LLC increased its position in shares of Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock valued at $103,000 after buying an additional 500 shares during the period. 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 valued at $107,000 after buying an additional 700 shares during the period. 66.42% of the stock is owned by institutional investors and hedge funds.

Shares of Bank of America Corporation (BAC) traded up 1.342% during trading on Tuesday, hitting $25.295. 27,838,372 shares of the stock were exchanged. Bank of America Corporation has a 52 week low of $14.10 and a 52 week high of $25.80. The firm has a 50 day moving average price of $24.01 and a 200 day moving average price of $23.69. The firm has a market capitalization of $266.01 billion, a P/E ratio of 15.066 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 (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.41 EPS. Analysts forecast that Bank of America Corporation will post $1.82 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.92%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is 17.86%.

Bank of America Corporation declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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Several research analysts recently commented on the stock. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday. Instinet reiterated a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a report on Saturday, July 22nd. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $30.00 target price (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. UBS AG reiterated a “neutral” rating and issued a $26.00 target price on shares of Bank of America Corporation in a report on Friday, July 21st. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $26.00 target price on shares of Bank of America Corporation in a report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. Bank of America Corporation presently has a consensus rating of “Buy” and an average target price of $23.74.

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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