Bank of America Corporation (NYSE:BAC) Short Interest Update

Bank of America Corporation (NYSE:BAC) was the recipient of a significant drop in short interest in June. As of June 30th, there was short interest totalling 113,189,964 shares, a drop of 14.0% from the June 15th total of 131,636,140 shares. Based on an average daily trading volume, of 81,976,741 shares, the short-interest ratio is currently 1.4 days. Currently, 1.1% of the shares of the stock are short sold.

Bank of America Corporation (BAC) opened at 24.02 on Tuesday. Bank of America Corporation has a one year low of $13.52 and a one year high of $25.80. The stock’s 50 day moving average is $23.26 and its 200-day moving average is $23.42. The firm has a market capitalization of $252.61 billion, a PE ratio of 14.78 and a beta of 1.27.

Bank of America Corporation announced that its board has approved a stock buyback program 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s management 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 given a $0.075 dividend. The ex-dividend date was Wednesday, May 31st. This represents a $0.30 annualized dividend and a yield of 1.25%. Bank of America Corporation’s dividend payout ratio is presently 18.99%.

A number of brokerages have weighed in on BAC. Oppenheimer Holdings, Inc. restated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods restated an “overweight” rating on shares of Bank of America Corporation in a research report on Thursday, July 13th. Vetr upgraded shares of 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. CIBC restated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Finally, Jefferies Group LLC restated a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Bank of America Corporation has a consensus rating of “Buy” and an average price target of $23.03.

In related news, Director Thomas D. Woods bought 25,000 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were purchased at an average price of $23.81 per share, for a total transaction of $595,250.00. Following the completion of the transaction, the director now directly owns 40,830 shares of the company’s stock, valued at approximately $972,162.30. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.18% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Dodge & Cox bought a new stake in Bank of America Corporation during the fourth quarter valued at approximately $4,159,570,000. Norges Bank bought a new stake in Bank of America Corporation during the fourth quarter valued at approximately $2,256,221,000. Lone Pine Capital LLC bought a new stake in Bank of America Corporation during the fourth quarter valued at approximately $478,937,000. UBS Asset Management Americas Inc. raised 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 in the last quarter. Finally, Public Sector Pension Investment Board raised its stake in Bank of America Corporation by 313.4% in the fourth quarter. Public Sector Pension Investment Board now owns 9,459,219 shares of the financial services provider’s stock valued at $209,049,000 after buying an additional 7,170,800 shares in the last quarter. Institutional investors and hedge funds own 65.89% of the company’s stock.

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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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