Qube Research & Technologies Ltd decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 50.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 33,958 shares of the financial services provider’s stock after selling 35,103 shares during the period. Bank of America accounts for about 0.6% of Qube Research & Technologies Ltd’s portfolio, making the stock its 27th largest holding. Qube Research & Technologies Ltd’s holdings in Bank of America were worth $957,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in BAC. Bartlett & Co. LLC raised its position in shares of Bank of America by 35.8% in the 2nd quarter. Bartlett & Co. LLC now owns 6,146 shares of the financial services provider’s stock valued at $173,000 after buying an additional 1,621 shares in the last quarter. Brinker Capital Inc. raised its position in shares of Bank of America by 3.5% in the 1st quarter. Brinker Capital Inc. now owns 48,885 shares of the financial services provider’s stock valued at $1,466,000 after buying an additional 1,653 shares in the last quarter. RNC Capital Management LLC raised its position in shares of Bank of America by 4.6% in the 2nd quarter. RNC Capital Management LLC now owns 38,237 shares of the financial services provider’s stock valued at $1,078,000 after buying an additional 1,690 shares in the last quarter. Summit X LLC raised its position in shares of Bank of America by 17.4% in the 1st quarter. Summit X LLC now owns 11,414 shares of the financial services provider’s stock valued at $341,000 after buying an additional 1,695 shares in the last quarter. Finally, Breiter Capital Management Inc. raised its position in shares of Bank of America by 18.7% in the 1st quarter. Breiter Capital Management Inc. now owns 10,794 shares of the financial services provider’s stock valued at $324,000 after buying an additional 1,700 shares in the last quarter. 65.04% of the stock is owned by institutional investors and hedge funds.

In related news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the completion of the transaction, the insider now directly owns 483,680 shares in the company, valued at approximately $15,289,124.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.10% of the stock is currently owned by insiders.

Shares of NYSE:BAC opened at $31.03 on Monday. The company has a market capitalization of $317.86 billion, a PE ratio of 16.96, a PEG ratio of 1.54 and a beta of 1.27. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.94. Bank of America Corp has a 12 month low of $24.58 and a 12 month high of $33.05.

Bank of America (NYSE:BAC) last issued its earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. The company had revenue of $22.60 billion during the quarter, compared to analysts’ expectations of $22.49 billion. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The business’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 EPS. research analysts expect that Bank of America Corp will post 2.52 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be given a $0.15 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 1.93%. Bank of America’s payout ratio is presently 32.79%.

Bank of America declared that its board has initiated a share buyback program on Thursday, June 28th that authorizes the company to buyback $20.60 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

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.

Read More: Dividend

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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.