Investors Buy High Volume of Bank of America Corporation Call Options (BAC)

Bank of America Corporation (NYSE:BAC) was the recipient of unusually large options trading on Thursday. Investors purchased 216,220 call options on the stock. This is an increase of approximately 137% compared to the typical volume of 91,041 call options.

Bank of America Corporation (NYSE BAC) opened at 23.36 on Tuesday. The company has a 50-day moving average price of $24.01 and a 200-day moving average price of $23.82. Bank of America Corporation has a one year low of $14.81 and a one year high of $25.80. The company has a market capitalization of $245.66 billion, a PE ratio of 13.91 and a beta of 1.26.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the 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 company had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same period in the prior year, the company earned $0.41 earnings per share. The firm’s revenue was up 7.1% on a year-over-year basis. Analysts expect that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.

Bank of America Corporation announced that its board has approved a stock repurchase plan 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 repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

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 issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.05%. 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 28.57%.

Several brokerages have recently issued reports on BAC. Vetr raised Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 target price for the company in a research report on Wednesday, August 30th. Instinet reissued a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a research report on Saturday, July 22nd. Wells Fargo & Company began coverage on Bank of America Corporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price for the company. Buckingham Research reissued a “buy” rating and issued a $30.00 target price (up previously from $27.00) on shares of Bank of America Corporation in a research report on Monday, July 10th. Finally, BidaskClub raised Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. One investment 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 assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $24.47.

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 transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Bank of America Corporation by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after acquiring an additional 9,117,007 shares in the last quarter. Korea Investment CORP boosted its stake in shares of Bank of America Corporation by 0.5% during the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock worth $1,914,319,000 after acquiring an additional 390,771 shares in the last quarter. Boston Partners boosted its stake in shares of Bank of America Corporation by 0.5% during the 1st quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock worth $1,778,802,000 after acquiring an additional 368,898 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Bank of America Corporation by 1.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after acquiring an additional 1,079,788 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Bank of America Corporation by 2.0% during the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock worth $1,232,414,000 after acquiring an additional 1,007,405 shares in the last quarter. 61.66% of the stock is currently owned by institutional investors.

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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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