Quadrature Capital Ltd Boosts Stock Holdings in Bank of America Co. (NYSE:BAC)

Quadrature Capital Ltd raised its stake in shares of Bank of America Co. (NYSE:BAC) by 3.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 633,573 shares of the financial services provider’s stock after purchasing an additional 21,414 shares during the period. Quadrature Capital Ltd’s holdings in Bank of America were worth $21,332,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Ethos Financial Group LLC raised its stake in Bank of America by 6.2% during the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 492 shares in the last quarter. Auxano Advisors LLC grew its holdings in Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 19,179 shares during the period. Stonebridge Capital Advisors LLC raised its holdings in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after purchasing an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC lifted its holdings in shares of Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after acquiring an additional 46,950 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. purchased a new position in Bank of America in the 4th quarter worth approximately $105,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on BAC shares. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Jefferies Financial Group boosted their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. UBS Group reaffirmed a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. HSBC reiterated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Citigroup lifted their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Trading Up 0.7 %

Shares of BAC stock opened at $39.51 on Tuesday. The stock has a market capitalization of $308.98 billion, a P/E ratio of 13.68, a P/E/G ratio of 1.75 and a beta of 1.36. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $40.19. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm’s 50 day moving average is $38.27 and its 200 day moving average is $35.57.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 earnings per share. Research analysts expect that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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.