XTX Topco Ltd Increases Stake in Bank of America Corporation $BAC

XTX Topco Ltd grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 955.4% in the second quarter, HoldingsChannel.com reports. The firm owned 88,717 shares of the financial services provider’s stock after buying an additional 80,311 shares during the quarter. XTX Topco Ltd’s holdings in Bank of America were worth $4,198,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC raised its stake in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the last quarter. TCW Group Inc. increased its holdings in Bank of America by 8.3% during the 1st quarter. TCW Group Inc. now owns 101,380 shares of the financial services provider’s stock valued at $4,231,000 after purchasing an additional 7,786 shares during the period. Carrera Capital Advisors raised its position in Bank of America by 110.8% during the 1st quarter. Carrera Capital Advisors now owns 9,762 shares of the financial services provider’s stock valued at $407,000 after purchasing an additional 5,131 shares during the last quarter. University of Texas Texas AM Investment Management Co. grew its position in shares of Bank of America by 28.7% in the 1st quarter. University of Texas Texas AM Investment Management Co. now owns 245,701 shares of the financial services provider’s stock worth $10,253,000 after buying an additional 54,725 shares during the last quarter. Finally, Norden Group LLC increased its stake in shares of Bank of America by 3.6% during the first quarter. Norden Group LLC now owns 89,035 shares of the financial services provider’s stock valued at $3,715,000 after buying an additional 3,068 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group reduced their price target on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Wells Fargo & Company lifted their price target on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. TD Cowen upped their target price on shares of Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Finally, HSBC lifted their price target on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Price Performance

Shares of BAC opened at $51.89 on Tuesday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69. The company has a market capitalization of $378.93 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The firm has a 50 day moving average of $51.78 and a 200 day moving average of $48.56. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.During the same period last year, the business posted $0.81 EPS. The company’s revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s payout ratio is presently 30.52%.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.