Blue Ridge Capital L.L.C. Purchases 1,668,700 Shares of Bank of America Corporation (BAC)

Blue Ridge Capital L.L.C. raised its position in shares of Bank of America Corporation (NYSE:BAC) by 12.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,622,500 shares of the financial services provider’s stock after purchasing an additional 1,668,700 shares during the period. Bank of America Corporation makes up approximately 4.8% of Blue Ridge Capital L.L.C.’s holdings, making the stock its 4th largest holding. Blue Ridge Capital L.L.C. owned approximately 0.15% of Bank of America Corporation worth $368,535,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Investec Asset Management LTD raised its position in Bank of America Corporation by 163.4% during the first quarter. Investec Asset Management LTD now owns 10,540,710 shares of the financial services provider’s stock valued at $248,655,000 after purchasing an additional 6,538,908 shares in the last quarter. Karp Capital Management Corp purchased a new stake in Bank of America Corporation during the first quarter valued at about $91,522,000. Artisan Partners Limited Partnership raised its position in Bank of America Corporation by 56.2% during the first quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the financial services provider’s stock valued at $246,799,000 after purchasing an additional 3,764,582 shares in the last quarter. Old Mutual Global Investors UK Ltd. raised its position in Bank of America Corporation by 98.4% during the first quarter. Old Mutual Global Investors UK Ltd. now owns 7,352,057 shares of the financial services provider’s stock valued at $173,435,000 after purchasing an additional 3,647,032 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Bank of America Corporation by 21.3% during the first quarter. AQR Capital Management LLC now owns 8,462,687 shares of the financial services provider’s stock valued at $199,635,000 after purchasing an additional 1,483,772 shares in the last quarter. Institutional investors and hedge funds own 61.66% of the company’s stock.

In related news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.18% of the company’s stock.

Bank of America Corporation (NYSE BAC) traded up 1.944% during trading on Monday, hitting $23.335. 41,106,845 shares of the stock traded hands. Bank of America Corporation has a 12 month low of $14.81 and a 12 month high of $25.80. The firm has a market cap of $245.40 billion, a PE ratio of 13.898 and a beta of 1.26. The firm has a 50-day moving average price of $24.01 and a 200 day moving average price of $23.82.

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, topping the Thomson Reuters’ 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 analysts’ expectations of $21.84 billion. During the same quarter last year, the company posted $0.41 earnings per share. The firm’s revenue was up 7.1% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post $1.81 EPS for the current fiscal year.

Bank of America Corporation declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to buyback $12.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Wednesday, August 30th. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.

BAC has been the topic of a number of research reports. Buckingham Research restated a “buy” rating and set a $30.00 price target (up previously from $27.00) on shares of Bank of America Corporation in a research report on Monday, July 10th. Jefferies Group LLC restated a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Keefe, Bruyette & Woods restated a “buy” rating and set a $27.00 price target on shares of Bank of America Corporation in a research report on Wednesday, June 7th. Finally, Credit Suisse Group restated a “buy” rating on shares of Bank of America Corporation in a research report on Sunday, June 4th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $24.47.

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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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Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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