Quadrant Capital Group LLC grew its stake in shares of Bank of America Corp (NYSE:BAC) by 293.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 115,933 shares of the financial services provider’s stock after acquiring an additional 86,442 shares during the quarter. Bank of America comprises approximately 0.6% of Quadrant Capital Group LLC’s portfolio, making the stock its 27th biggest position. Quadrant Capital Group LLC’s holdings in Bank of America were worth $3,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Cranbrook Wealth Management LLC lifted its position in Bank of America by 86.1% during the fourth quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock valued at $27,000 after buying an additional 500 shares during the period. Karp Capital Management Corp purchased a new stake in Bank of America during the 4th quarter worth about $31,000. Paragon Capital Management LLC purchased a new stake in shares of Bank of America in the 1st quarter valued at about $33,000. Semmax Financial Advisors Inc. purchased a new stake in shares of Bank of America in the 4th quarter valued at about $34,000. Finally, Intercontinental Wealth Advisors LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at about $41,000. Institutional investors own 68.19% of the company’s stock.
Several research firms have issued reports on BAC. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. Zacks Investment Research cut Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Berenberg Bank set a $30.00 target price on Bank of America and gave the stock a “hold” rating in a research report on Monday, June 17th. HSBC initiated coverage on Bank of America in a report on Thursday, April 4th. They issued a “hold” rating and a $29.00 price target on the stock. Finally, BMO Capital Markets upped their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $32.75.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. The business had revenue of $23 billion during the quarter, compared to analysts’ expectations of $23.24 billion. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same period last year, the company posted $0.62 earnings per share. Equities research analysts expect that Bank of America Corp will post 2.85 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Thursday, June 6th. Bank of America’s dividend payout ratio is currently 22.99%.
Bank of America announced that its Board of Directors has approved a stock repurchase program on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the transaction, the insider now directly owns 243,617 shares in the company, valued at $7,254,914.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by company insiders.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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