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

Quantbot Technologies LP lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1,440.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

Several other hedge funds also recently modified their holdings of the stock. Van Hulzen Asset Management LLC boosted its position in Bank of America by 38.4% during the second quarter. Van Hulzen Asset Management LLC now owns 12,474 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 3,459 shares during the last quarter. OMERS ADMINISTRATION Corp increased its position in shares of Bank of America by 881.5% during the 2nd quarter. OMERS ADMINISTRATION Corp now owns 4,210,388 shares of the financial services provider’s stock worth $199,236,000 after purchasing an additional 3,781,417 shares during the last quarter. Willis Johnson & Associates Inc. raised its stake in shares of Bank of America by 1.8% during the 2nd quarter. Willis Johnson & Associates Inc. now owns 21,234 shares of the financial services provider’s stock worth $1,005,000 after purchasing an additional 375 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Bank of America by 5.2% during the 2nd quarter. Fisher Asset Management LLC now owns 51,405,673 shares of the financial services provider’s stock worth $2,432,516,000 after purchasing an additional 2,557,943 shares in the last quarter. Finally, Claret Asset Management Corp acquired a new stake in shares of Bank of America in the 2nd quarter valued at approximately $216,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $53.24 on Tuesday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. The company 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 company has a 50-day simple moving average of $51.92 and a 200 day simple moving average of $48.89. 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 (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the business posted $0.81 earnings per share. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. 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 payout ratio is 30.52%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BAC shares. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Barclays boosted their price objective on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Citigroup upped their target price on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 16th. HSBC lifted their price target on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.77.

About Bank of America

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.