Quantbot Technologies LP Acquires Shares of 370,901 Bank of America Co. (NYSE:BAC)

Quantbot Technologies LP bought a new position in Bank of America Co. (NYSE:BAC) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 370,901 shares of the financial services provider’s stock, valued at approximately $14,717,000. Bank of America makes up 0.6% of Quantbot Technologies LP’s holdings, making the stock its 8th largest position.

Several other institutional investors have also added to or reduced their stakes in the company. Accent Capital Management LLC raised its position in shares of Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after buying an additional 11,873 shares in the last quarter. Summit Global Investments boosted its holdings in shares of Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the period. Baker Avenue Asset Management LP increased its position in shares of Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Banco Santander S.A. lifted its position in Bank of America by 173.7% in the third quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock worth $23,150,000 after buying an additional 370,275 shares during the last quarter. Finally, Citizens Financial Group Inc. RI increased its position in Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after acquiring an additional 20,916 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $40.61, for a total value of $322,390,566.39. Following the sale, the insider now owns 882,723,903 shares in the company, valued at $35,847,417,700.83. This represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 85,027,690 shares of company stock valued at $3,435,115,636. 0.29% of the stock is owned by company insiders.

Bank of America Trading Up 1.1 %

Shares of NYSE BAC opened at $47.50 on Tuesday. The stock has a market capitalization of $364.46 billion, a P/E ratio of 17.27, a price-to-earnings-growth ratio of 1.59 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day moving average price of $42.41 and a 200 day moving average price of $40.76. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.74.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the firm posted $0.90 earnings per share. The business’s quarterly revenue was up .4% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. Bank of America’s payout ratio is 37.82%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Oppenheimer upped their target price on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Wells Fargo & Company lifted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.