Quantbot Technologies LP Has $11.32 Million Holdings in Bank of America Corporation $BAC

Quantbot Technologies LP increased its holdings in Bank of America Corporation (NYSE:BAC) by 1,440.6% in the second quarter, Holdings Channel reports. The institutional investor owned 239,179 shares of the financial services provider’s stock after buying an additional 223,654 shares during the period. Quantbot Technologies LP’s holdings in Bank of America were worth $11,318,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. Nova Wealth Management Inc. increased its stake in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the period. Quaker Wealth Management LLC grew its holdings in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares in the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America in the second quarter worth $28,000. CGC Financial Services LLC raised its stake in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC bought a new stake in Bank of America during the second quarter worth about $33,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on BAC. Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Phillip Securities upped their target price on Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $58.00 price target (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $57.77.

Bank of America Stock Down 0.8%

Shares of BAC opened at $53.24 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. The stock has a market capitalization of $388.76 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.99 and a beta of 1.34. The stock has a fifty day moving average of $51.92 and a 200-day moving average of $48.89.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 EPS. As a group, sell-side 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 firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is currently 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.