Norway Savings Bank Has $317,000 Position in Bank of America Corporation (NYSE:BAC)

Norway Savings Bank decreased its position in Bank of America Corporation (NYSE:BAC) by 1.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,039 shares of the financial services provider’s stock after selling 150 shares during the period. Norway Savings Bank’s holdings in Bank of America Corporation were worth $317,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America Corporation during the second quarter worth $100,000. Armbruster Capital Management Inc. boosted its stake 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 worth $102,000 after buying an additional 423 shares during the period. Integrated Investment Consultants LLC boosted its stake 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 worth $103,000 after buying an additional 500 shares during the period. Gradient Investments LLC boosted its stake 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 worth $107,000 after buying an additional 700 shares during the period. Finally, Tortoise Investment Management LLC boosted its stake in shares of Bank of America Corporation by 27.0% in the fourth quarter. Tortoise Investment Management LLC now owns 4,700 shares of the financial services provider’s stock worth $104,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 65.75% of the company’s stock.

Bank of America Corporation (BAC) traded down 0.33% during midday trading on Friday, reaching $24.03. The company had a trading volume of 50,143,443 shares. The company has a market capitalization of $252.71 billion, a P/E ratio of 14.24 and a beta of 1.27. The company’s 50 day moving average is $23.97 and its 200-day moving average is $23.66. Bank of America Corporation has a 52-week low of $14.09 and a 52-week high of $25.80.

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, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.41 earnings per share. Equities analysts expect that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

The firm 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 $0.12 dividend. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 2.00%. Bank of America Corporation’s payout ratio is 17.86%.

Bank of America Corporation declared that its board has initiated a stock 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 reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

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BAC has been the topic of several recent analyst reports. BidaskClub lowered Bank of America Corporation from a “hold” rating to a “sell” rating in a research report on Thursday. Royal Bank Of Canada reaffirmed a “buy” rating and set a $26.00 target price on shares of Bank of America Corporation in a research report on Thursday, July 20th. Instinet reaffirmed 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. Vetr raised Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 target price on the stock in a research report on Friday, July 14th. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $30.00 target price (up from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $23.74.

Bank of America Corporation Company Profile

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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