Diamond Hill Capital Management Inc. Has $232,000 Stake in Bank of America Corporation (BAC)

Diamond Hill Capital Management Inc. trimmed its position in Bank of America Corporation (NYSE:BAC) by 6.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,565 shares of the financial services provider’s stock after selling 606 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in Bank of America Corporation were worth $232,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. M Holdings Securities Inc. raised its holdings in shares of Bank of America Corporation by 72.9% in the 1st quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock valued at $2,242,000 after purchasing an additional 40,069 shares in the last quarter. Waldron LP raised its holdings in shares of Bank of America Corporation by 112.2% in the 1st quarter. Waldron LP now owns 24,550 shares of the financial services provider’s stock valued at $578,000 after purchasing an additional 12,978 shares in the last quarter. Abner Herrman & Brock LLC raised its holdings in shares of Bank of America Corporation by 2.1% in the 1st quarter. Abner Herrman & Brock LLC now owns 647,837 shares of the financial services provider’s stock valued at $15,282,000 after purchasing an additional 13,342 shares in the last quarter. Duncker Streett & Co. Inc. raised its holdings in shares of Bank of America Corporation by 3.9% in the 1st quarter. Duncker Streett & Co. Inc. now owns 112,381 shares of the financial services provider’s stock valued at $2,651,000 after purchasing an additional 4,239 shares in the last quarter. Finally, British Columbia Investment Management Corp raised its holdings in shares of Bank of America Corporation by 7.8% in the 1st quarter. British Columbia Investment Management Corp now owns 5,102,702 shares of the financial services provider’s stock valued at $120,373,000 after purchasing an additional 368,216 shares in the last quarter. Institutional investors and hedge funds own 61.66% of the company’s stock.

A number of equities research analysts have recently weighed in on BAC shares. Buckingham Research restated a “buy” rating and issued a $30.00 price objective (up from $27.00) on shares of Bank of America Corporation in a report on Monday, July 10th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. BidaskClub raised shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a research report on Wednesday, June 7th. Finally, Credit Suisse Group reaffirmed a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $24.41.

In other news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the sale, the director now directly owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

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Shares of Bank of America Corporation (BAC) opened at 24.38 on Friday. The stock’s 50 day moving average is $24.00 and its 200-day moving average is $23.82. The stock has a market capitalization of $256.39 billion, a P/E ratio of 14.52 and a beta of 1.26. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same period in the prior year, the business earned $0.41 earnings per share. Bank of America Corporation’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Corporation will post $1.81 EPS for the current year.

Bank of America Corporation announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.97%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is currently 28.57%.

Bank of America Corporation 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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