Quantbot Technologies LP acquired a new position in shares of Bank of America Corp (NYSE:BAC) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 432,110 shares of the financial services provider’s stock, valued at approximately $10,482,000. Bank of America accounts for approximately 1.0% of Quantbot Technologies LP’s portfolio, making the stock its 9th biggest position.
Several other institutional investors also recently bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. purchased a new position in Bank of America in the second quarter valued at $1,017,000. Northwest Investment Counselors LLC purchased a new position in Bank of America in the second quarter valued at $100,000. Chicago Partners Investment Group LLC increased its holdings in Bank of America by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after buying an additional 450 shares during the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its holdings in Bank of America by 47.1% in the second quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after buying an additional 1,850 shares during the last quarter. Finally, Lenox Wealth Advisors Inc. purchased a new position in Bank of America in the second quarter valued at $144,000. 68.28% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently commented on BAC. Morgan Stanley reissued an “overweight” rating and issued a $30.00 target price (up previously from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Vetr lowered Bank of America from a “hold” rating to a “sell” rating and set a $26.67 target price on the stock. in a report on Monday, November 6th. J P Morgan Chase & Co increased their target price on Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a report on Wednesday, November 1st. BidaskClub raised Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. Finally, Citigroup reissued a “neutral” rating and issued a $27.00 target price (up previously from $25.00) on shares of Bank of America in a report on Monday, October 9th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $26.25.
Shares of Bank of America Corp (BAC) opened at $29.06 on Tuesday. Bank of America Corp has a 12 month low of $21.46 and a 12 month high of $29.31. The firm has a market cap of $293,100.16, a PE ratio of 16.06, a PEG ratio of 1.94 and a beta of 1.31. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91.
Bank of America (NYSE:BAC) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same quarter in the prior year, the firm earned $0.41 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. research analysts expect that Bank of America Corp will post 1.81 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.65%. Bank of America’s dividend payout ratio (DPR) is 27.43%.
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Bank of America 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.
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