Quadrant Capital Group LLC Buys 591 Shares of Bank of America Co. (NYSE:BAC)

Quadrant Capital Group LLC increased its position in Bank of America Co. (NYSE:BAC) by 0.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,298 shares of the financial services provider’s stock after purchasing an additional 591 shares during the period. Quadrant Capital Group LLC’s holdings in Bank of America were worth $3,749,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Geode Capital Management LLC increased its position in shares of Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares in the last quarter. Norges Bank bought a new stake in shares of Bank of America in the 4th quarter worth $5,226,989,000. Bank of New York Mellon Corp raised its stake in shares of Bank of America by 4.9% in the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after purchasing an additional 2,806,927 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Bank of America by 3.7% during the fourth quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock valued at $2,060,703,000 after purchasing an additional 1,671,610 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after buying an additional 297,858 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. Evercore ISI dropped their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Citigroup decreased their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Trading Down 7.7 %

Shares of BAC opened at $34.37 on Friday. The firm has a market cap of $261.32 billion, a P/E ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1 year low of $33.67 and a 1 year high of $48.08. The company has a 50 day simple moving average of $43.74 and a two-hundred day simple moving average of $43.91.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the company posted $0.70 earnings per share. On average, equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

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.