QUANTRES ASSET MANAGEMENT Ltd Acquires New Holdings in Bank of America Corp (BAC)

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QUANTRES ASSET MANAGEMENT Ltd acquired a new position in Bank of America Corp (NYSE:BAC) in the third quarter, HoldingsChannel reports. The institutional investor acquired 20,700 shares of the financial services provider’s stock, valued at approximately $610,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mechanics Bank Trust Department boosted its position in shares of Bank of America by 269.8% during the third quarter. Mechanics Bank Trust Department now owns 40,466 shares of the financial services provider’s stock valued at $1,192,000 after buying an additional 29,524 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Bank of America by 1.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 810,584 shares of the financial services provider’s stock valued at $23,880,000 after buying an additional 9,646 shares during the last quarter. Hedeker Wealth LLC boosted its position in shares of Bank of America by 2.8% during the third quarter. Hedeker Wealth LLC now owns 162,365 shares of the financial services provider’s stock valued at $4,783,000 after buying an additional 4,404 shares during the last quarter. Hallmark Capital Management Inc. purchased a new stake in shares of Bank of America during the third quarter valued at $239,000. Finally, Sawtooth Solutions LLC boosted its position in shares of Bank of America by 90.8% during the third quarter. Sawtooth Solutions LLC now owns 51,729 shares of the financial services provider’s stock valued at $1,524,000 after buying an additional 24,619 shares during the last quarter. Institutional investors and hedge funds own 65.12% of the company’s stock.

Several research firms recently commented on BAC. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. BMO Capital Markets raised their target price on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 16th. Finally, Wolfe Research began coverage on Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $34.19.

In related news, insider Catherine P. Bessant sold 15,820 shares of Bank of America stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total transaction of $500,070.20. Following the sale, the insider now owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is owned by insiders.

Shares of NYSE:BAC opened at $26.61 on Tuesday. The stock has a market capitalization of $270.33 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 1.29 and a beta of 1.30. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91. Bank of America Corp has a 52-week low of $25.81 and a 52-week high of $33.05.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The firm had revenue of $22.78 billion for the quarter, compared to analysts’ expectations of $22.63 billion. During the same period in the previous year, the firm earned $0.48 EPS. The business’s quarterly revenue was up 3.2% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America Corp will post 2.55 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.25%. Bank of America’s payout ratio is currently 32.79%.

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

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Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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