INR Advisory Services LLC Maintains Position 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 13F filing with the Securities and Exchange Commission (SEC). 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 makes up 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 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of BAC. Dodge & Cox acquired a new stake in Bank of America Corporation during the fourth quarter valued at approximately $4,159,570,000. Norges Bank acquired a new stake in Bank of America Corporation during the fourth quarter valued at approximately $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. 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. Finally, Teachers Advisors LLC increased its stake in Bank of America Corporation by 12.3% in the fourth quarter. Teachers Advisors LLC now owns 31,279,206 shares of the financial services provider’s stock valued at $691,270,000 after buying an additional 3,414,898 shares during the last quarter. 66.27% of the stock is owned by hedge funds and other institutional investors.

Shares of Bank of America Corporation (NYSE BAC) traded up 2.46% during midday trading on Friday, reaching $24.97. 105,206,610 shares of the company’s stock traded hands. The company has a market capitalization of $262.60 billion, a price-to-earnings ratio of 14.87 and a beta of 1.27. The company has a 50-day moving average of $24.01 and a 200-day moving average of $23.69. Bank of America Corporation has a one year low of $14.10 and a one year high of $25.80.

Bank of America Corporation (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ 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 analyst estimates of $21.84 billion. During the same period in the previous year, the firm earned $0.41 earnings per share. The business’s revenue was up 7.1% on a year-over-year basis. Equities research analysts anticipate that Bank of America Corporation will post $1.82 EPS for the current year.

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

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

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

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.