BTIM Corp. Has $729,000 Stake in Bank of America Corporation (NYSE:BAC)

BTIM Corp. raised its stake in Bank of America Corporation (NYSE:BAC) by 37.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 30,054 shares of the financial services provider’s stock after buying an additional 8,234 shares during the period. BTIM Corp.’s holdings in Bank of America Corporation were worth $729,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Dodge & Cox purchased a new stake in Bank of America Corporation during the fourth quarter valued at $4,159,570,000. Norges Bank purchased a new stake in Bank of America Corporation during the fourth quarter valued at $2,256,221,000. Boston Partners increased its stake in 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 last quarter. Legal & General Group Plc increased its stake in Bank of America Corporation by 0.8% in the first quarter. Legal & General Group Plc now owns 49,789,644 shares of the financial services provider’s stock valued at $1,174,642,000 after buying an additional 380,726 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its stake in Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock valued at $933,718,000 after buying an additional 8,595,423 shares during the last quarter. 66.27% of the stock is owned by institutional investors and hedge funds.

Shares of Bank of America Corporation (NYSE:BAC) traded up 2.46% during midday trading on Friday, reaching $24.97. The company’s stock had a trading volume of 105,206,610 shares. Bank of America Corporation has a 12 month low of $14.10 and a 12 month high of $25.80. The stock’s 50 day moving average is $24.01 and its 200 day moving average is $23.69. The stock has a market capitalization of $262.60 billion, a PE ratio of 14.87 and a beta of 1.27.

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 (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm’s revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 earnings per share. On average, analysts forecast that Bank of America Corporation will post $1.82 EPS for the current fiscal year.

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

Bank of America Corporation declared that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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Several research firms have recently weighed in on BAC. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday. Instinet reissued 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. reissued an “outperform” rating and issued a $30.00 target price (up from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. UBS AG reissued 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 reissued 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 investment 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. The stock has an average rating of “Buy” and an average price target 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.