Quent Capital LLC Has $1.62 Million Position in Bank of America Corporation $BAC

Quent Capital LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 5.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 34,328 shares of the financial services provider’s stock after buying an additional 1,621 shares during the quarter. Quent Capital LLC’s holdings in Bank of America were worth $1,624,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bank of New York Mellon Corp increased its stake in shares of Bank of America by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after buying an additional 803,570 shares in the last quarter. Deutsche Bank AG boosted its holdings in Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. Amundi boosted its holdings in Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after buying an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after buying an additional 188,638 shares during the last quarter. Finally, National Pension Service boosted its holdings in Bank of America by 2.4% during the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock worth $541,250,000 after buying an additional 300,944 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BAC shares. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Wells Fargo & Company lifted their price objective on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Morgan Stanley lifted their price objective on Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a report on Monday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of America in a report on Saturday, September 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday. Nineteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $53.38.

Bank of America Stock Up 0.3%

BAC stock opened at $50.63 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The business’s 50 day simple moving average is $49.37 and its 200 day simple moving average is $45.26. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The firm has a market capitalization of $374.98 billion, a PE ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the prior year, the firm posted $0.83 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio is currently 32.75%.

Bank of America announced that its board has authorized a share repurchase plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

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.