GQG Partners LLC Has $36.05 Million Position in Bank of America Corp (BAC)
GQG Partners LLC boosted its position in Bank of America Corp (NYSE:BAC) by 722.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,485,802 shares of the financial services provider’s stock after purchasing an additional 1,305,100 shares during the quarter. Bank of America comprises about 2.7% of GQG Partners LLC’s holdings, making the stock its 14th largest position. GQG Partners LLC’s holdings in Bank of America were worth $36,046,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Gateway Advisory LLC increased its stake in shares of Bank of America by 0.4% during the 2nd quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 45 shares during the last quarter. Arbor Investment Advisors LLC increased its position in Bank of America by 0.3% during the 2nd quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 46 shares in the last quarter. Lbmc Investment Advisors LLC increased its position in Bank of America by 0.3% during the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 51 shares in the last quarter. Tiemann Investment Advisors LLC increased its position in Bank of America by 0.3% during the 1st quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock worth $470,000 after purchasing an additional 52 shares in the last quarter. Finally, TCI Wealth Advisors Inc. increased its position in Bank of America by 0.4% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 54 shares in the last quarter. 68.28% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on the stock. Morgan Stanley reissued an “overweight” rating and set a $30.00 target price (up previously from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. BidaskClub cut Bank of America from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. Vetr upgraded Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 price target for the company in a report on Tuesday, November 7th. J P Morgan Chase & Co upped their price target on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Finally, UBS set a $27.00 target price on Bank of America and gave the company a “hold” rating in a research note on Monday, October 16th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $26.25.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share. sell-side analysts predict that Bank of America Corp will post 1.81 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Thursday, November 30th. 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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