Quotient Wealth Partners LLC Has $1.47 Million Holdings in Bank of America Co. (NYSE:BAC)

Quotient Wealth Partners LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,033 shares of the financial services provider’s stock after selling 2,599 shares during the quarter. Quotient Wealth Partners LLC’s holdings in Bank of America were worth $1,469,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Brevan Howard Capital Management LP bought a new stake in shares of Bank of America during the 4th quarter worth approximately $3,601,000. American National Bank & Trust Co. VA acquired a new stake in Bank of America in the first quarter valued at $1,322,000. Citizens Financial Group Inc. RI grew its position in shares of Bank of America by 27.1% in the 1st 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 period. Foster Group Inc. increased its stake in shares of Bank of America by 19.4% during the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock worth $340,000 after purchasing an additional 1,457 shares during the last quarter. Finally, Councilmark Asset Management LLC bought a new stake in shares of Bank of America in the 1st quarter valued at about $771,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. BMO Capital Markets upped their price objective on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Finally, Morgan Stanley cut their target price on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $42.27.

Insider Activity at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $40.05, for a total transaction of $163,250,568.45. Following the sale, the insider now owns 784,549,933 shares of the company’s stock, valued at approximately $31,421,224,816.65. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,918,857 shares of company stock valued at $6,421,694,213 over the last three months. 0.29% of the stock is owned by insiders.

Bank of America Price Performance

Bank of America stock traded down $0.22 during mid-day trading on Thursday, reaching $39.97. 9,380,776 shares of the company were exchanged, compared to its average volume of 38,715,633. The company has a fifty day simple moving average of $39.31 and a 200-day simple moving average of $39.21. The firm has a market cap of $312.58 billion, a PE ratio of 13.85, a PEG ratio of 1.37 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 earnings per share. As a group, equities research analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend was Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is 35.99%.

Bank of America declared that its board has initiated a stock buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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