Qsemble Capital Management LP Raises Stock Holdings in Bank of America Co. (NYSE:BAC)

Qsemble Capital Management LP increased its holdings in Bank of America Co. (NYSE:BAC) by 64.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,094 shares of the financial services provider’s stock after purchasing an additional 27,153 shares during the period. Qsemble Capital Management LP’s holdings in Bank of America were worth $2,742,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Longfellow Investment Management Co. LLC lifted its position in Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after buying an additional 227 shares in the last quarter. McAdam LLC raised its position in shares of Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after acquiring an additional 238 shares in the last quarter. Integrity Financial Corp WA grew its position in shares of Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after buying an additional 240 shares during the last quarter. BTC Capital Management Inc. grew its holdings in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares during the last quarter. Finally, Central Bank & Trust Co. increased its position in Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after buying an additional 248 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have sold 85,027,690 shares of company stock worth $3,435,115,636. 0.29% of the stock is owned by insiders.

Bank of America Price Performance

Shares of NYSE:BAC opened at $47.50 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $364.46 billion, a P/E ratio of 17.27, a P/E/G ratio of 1.59 and a beta of 1.32. The business has a fifty day simple moving average of $42.41 and a 200-day simple moving average of $40.76. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.74.

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

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods boosted their price target on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, September 3rd. Finally, Morgan Stanley lifted their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.26.

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.