INR Advisory Services LLC Continues to Hold Stake in Bank of America Corporation (NYSE:BAC)

INR Advisory Services LLC held its stake in Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,393 shares of the financial services provider’s stock at the end of the first quarter. Bank of America Corporation accounts for about 0.2% of INR Advisory Services LLC’s holdings, making the stock its 12th largest position. INR Advisory Services LLC’s holdings in Bank of America Corporation were worth $1,566,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Guardian Capital LP bought a new stake in Bank of America Corporation during the fourth quarter valued at $21,875,000. Guardian Capital Advisors LP increased its stake in Bank of America Corporation by 4.0% in the fourth quarter. Guardian Capital Advisors LP now owns 13,391 shares of the financial services provider’s stock valued at $304,000 after buying an additional 513 shares during the period. Gardner Lewis Asset Management L P increased its stake in Bank of America Corporation by 23.0% in the fourth quarter. Gardner Lewis Asset Management L P now owns 619,684 shares of the financial services provider’s stock valued at $13,695,000 after buying an additional 115,715 shares during the period. Envestnet Asset Management Inc. increased its stake in Bank of America Corporation by 34.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 1,495,860 shares of the financial services provider’s stock valued at $33,058,000 after buying an additional 379,567 shares during the period. Finally, Ullmann Financial Group Inc. bought a new stake in Bank of America Corporation during the fourth quarter valued at $1,366,000. Hedge funds and other institutional investors own 65.89% of the company’s stock.

Bank of America Corporation (NYSE BAC) opened at 23.90 on Wednesday. The firm has a market capitalization of $251.34 billion, a price-to-earnings ratio of 14.71 and a beta of 1.27. Bank of America Corporation has a 1-year low of $14.09 and a 1-year high of $25.80. The firm has a 50-day moving average of $23.63 and a 200-day moving average of $23.60.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 19.86% and a return on equity of 7.72%. The firm had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. During the same period in the prior year, the firm posted $0.41 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. On average, analysts expect that Bank of America Corporation will post $1.79 earnings per share for the current year.

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

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 2nd were paid a dividend of $0.075 per share. The ex-dividend date was Wednesday, May 31st. This represents a $0.30 dividend on an annualized basis and a yield of 1.26%. Bank of America Corporation’s dividend payout ratio (DPR) is 18.99%.

Several analysts recently weighed in on the stock. Buckingham Research reiterated a “buy” rating and issued a $30.00 target price (up previously from $27.00) on shares of Bank of America Corporation in a report on Monday, July 10th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. CIBC reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. Finally, BidaskClub upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $23.03.

In other Bank of America Corporation news, Director Thomas D. Woods purchased 25,000 shares of Bank of America Corporation stock in a transaction dated Thursday, April 27th. The shares were bought at an average cost of $23.81 per share, for a total transaction of $595,250.00. Following the transaction, the director now owns 40,830 shares in the company, valued at approximately $972,162.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.18% of the company’s stock.

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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