Mitchell Mcleod Pugh & Williams Inc. Has $706,000 Stake in Bank of America Corporation (NYSE:BAC)

Mitchell Mcleod Pugh & Williams Inc. reduced its position in Bank of America Corporation (NYSE:BAC) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,119 shares of the financial services provider’s stock after selling 150 shares during the period. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Bank of America Corporation were worth $706,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Tarbox Family Office Inc. raised its stake in Bank of America Corporation by 0.4% in the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after buying an additional 21 shares during the period. Capital Management Corp VA raised its stake in Bank of America Corporation by 0.3% in the first quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock valued at $244,000 after buying an additional 33 shares during the period. Welch Group LLC raised its stake in Bank of America Corporation by 0.4% in the first quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock valued at $237,000 after buying an additional 42 shares during the period. Arbor Investment Advisors LLC raised its stake in Bank of America Corporation by 0.3% in the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after buying an additional 46 shares during the period. Finally, Tiemann Investment Advisors LLC raised its stake in Bank of America Corporation by 0.3% in the first quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock valued at $470,000 after buying an additional 52 shares during the period. Institutional investors own 66.42% of the company’s stock.

Bank of America Corporation (NYSE BAC) traded down 1.08% during mid-day trading on Friday, hitting $23.86. 37,689,793 shares of the stock traded hands. Bank of America Corporation has a 12 month low of $14.70 and a 12 month high of $25.80. The company’s 50 day moving average is $24.22 and its 200 day moving average is $23.78. The company has a market cap of $250.92 billion, a P/E ratio of 14.21 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last announced its 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 business had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, analysts expect that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

Bank of America Corporation announced that its Board of Directors has authorized a stock buyback plan 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 buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.99%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is currently 17.86%.

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Several equities research analysts have commented on the stock. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $30.00 price objective (up previously from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. Royal Bank Of Canada reiterated a “buy” rating and issued a $26.00 price objective on shares of Bank of America Corporation in a research note on Thursday, July 20th. Vetr upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price objective for the company in a research note on Thursday, June 15th. Finally, Wells Fargo & Company initiated coverage on shares of Bank of America Corporation in a research report on Wednesday. They set an “outperform” rating and a $30.00 target price for the company. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. Bank of America Corporation presently has an average rating of “Buy” and a consensus price target of $23.94.

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.

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

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