Qtron Investments LLC grew its stake in Bank of America Corp (NYSE:BAC) by 33.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 38,195 shares of the financial services provider’s stock after purchasing an additional 9,499 shares during the quarter. Bank of America makes up approximately 0.7% of Qtron Investments LLC’s holdings, making the stock its 28th biggest holding. Qtron Investments LLC’s holdings in Bank of America were worth $1,108,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. CNB Bank grew its position in shares of Bank of America by 188.4% during the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after buying an additional 620 shares during the last quarter. Paragon Capital Management LLC bought a new stake in shares of Bank of America during the 1st quarter valued at about $33,000. Camarda Financial Advisors LLC grew its position in shares of Bank of America by 167.2% during the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,067 shares during the last quarter. WP Advisors LLC bought a new stake in shares of Bank of America during the 1st quarter valued at about $63,000. Finally, Mackey Komara & Dankovich LLC grew its position in shares of Bank of America by 57.6% during the 2nd quarter. Mackey Komara & Dankovich LLC now owns 3,484 shares of the financial services provider’s stock valued at $65,000 after buying an additional 1,274 shares during the last quarter. Institutional investors and hedge funds own 68.61% of the company’s stock.
In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by corporate insiders.
A number of brokerages recently weighed in on BAC. Raymond James downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. Berenberg Bank set a $30.00 target price on shares of Bank of America and gave the stock a “hold” rating in a research report on Monday, June 17th. Keefe, Bruyette & Woods cut shares of Bank of America from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $36.00 to $29.00 in a research report on Thursday, September 5th. Finally, Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price for the company. in a research report on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Bank of America currently has an average rating of “Hold” and a consensus price target of $32.29.
Shares of Bank of America stock traded up $0.52 on Friday, hitting $30.20. The company had a trading volume of 61,728,890 shares, compared to its average volume of 55,351,864. The business has a 50-day simple moving average of $28.16 and a 200-day simple moving average of $28.70. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. The company has a market cap of $273.20 billion, a PE ratio of 11.57, a PEG ratio of 1.16 and a beta of 1.57. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.37.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. During the same period last year, the firm posted $0.63 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts predict that Bank of America Corp will post 2.82 earnings per share for the current fiscal year.
Bank of America announced that its board has approved a stock repurchase plan on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 2.38%. Bank of America’s dividend payout ratio is currently 27.59%.
Bank of America Company 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
See Also: Earnings Per Share (EPS)
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.