Quotient Wealth Partners LLC Has $1.95 Million Stake in Bank of America Corporation $BAC

Quotient Wealth Partners LLC lifted its stake in Bank of America Corporation (NYSE:BAC) by 7.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 41,159 shares of the financial services provider’s stock after acquiring an additional 2,823 shares during the quarter. Quotient Wealth Partners LLC’s holdings in Bank of America were worth $1,948,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Boston Common Asset Management LLC increased its position in shares of Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after acquiring an additional 24,740 shares during the last quarter. Nicholas Hoffman & Company LLC. grew its holdings in Bank of America by 121.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares during the period. Sunbeam Capital Management LLC grew its holdings in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares during the period. CCG Wealth Management LLC bought a new position in Bank of America during the second quarter worth about $287,000. Finally, Community Financial Services Group LLC grew its holdings in Bank of America by 3.5% during the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock worth $8,000,000 after purchasing an additional 5,787 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BAC shares. Morgan Stanley boosted their price objective on Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday. Evercore ISI boosted their price objective on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their price objective on Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a report on Friday, October 10th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $56.76.

Bank of America Stock Up 1.7%

NYSE BAC opened at $51.28 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a 50 day moving average of $50.11 and a 200-day moving average of $45.79. The company has a market cap of $379.83 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.93 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

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.