GQG Partners LLC Purchases 2,750,544 Shares of Bank of America Co. (NYSE:BAC)

GQG Partners LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 10.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,265,914 shares of the financial services provider’s stock after acquiring an additional 2,750,544 shares during the period. Bank of America comprises 3.5% of GQG Partners LLC’s investment portfolio, making the stock its 9th biggest position. GQG Partners LLC’s holdings in Bank of America were worth $1,206,223,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. AGF Investments LLC lifted its stake in Bank of America by 2.7% during the 2nd quarter. AGF Investments LLC now owns 9,693 shares of the financial services provider’s stock worth $400,000 after acquiring an additional 259 shares in the last quarter. Gleason Group Inc. lifted its stake in Bank of America by 0.3% during the 2nd quarter. Gleason Group Inc. now owns 93,562 shares of the financial services provider’s stock worth $3,858,000 after acquiring an additional 262 shares in the last quarter. MEMBERS Trust Co lifted its stake in Bank of America by 5.1% during the 2nd quarter. MEMBERS Trust Co now owns 5,470 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 266 shares in the last quarter. Vigilant Capital Management LLC lifted its stake in Bank of America by 6.7% during the 2nd quarter. Vigilant Capital Management LLC now owns 4,376 shares of the financial services provider’s stock worth $180,000 after acquiring an additional 275 shares in the last quarter. Finally, Penn Mutual Asset Management LLC lifted its stake in Bank of America by 4.3% during the 1st quarter. Penn Mutual Asset Management LLC now owns 6,840 shares of the financial services provider’s stock worth $265,000 after acquiring an additional 280 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:BAC traded up $1.10 during mid-day trading on Thursday, reaching $44.24. 2,273,183 shares of the stock were exchanged, compared to its average volume of 49,374,215. The company has a 50 day simple moving average of $41.61 and a 200-day simple moving average of $40.80. The stock has a market capitalization of $372.28 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.72 and a beta of 1.55. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.08. Bank of America Co. has a 1 year low of $23.12 and a 1 year high of $44.87.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, October 14th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.15. The firm had revenue of $22.77 billion for the quarter, compared to the consensus estimate of $21.60 billion. Bank of America had a return on equity of 11.08% and a net margin of 30.82%. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.51 EPS. As a group, research analysts predict that Bank of America Co. will post 3.34 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 24th. Shareholders of record on Friday, September 3rd were paid a $0.21 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.18. This represents a $0.84 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend was Thursday, September 2nd. Bank of America’s dividend payout ratio (DPR) is 44.92%.

In other Bank of America news, Vice Chairman Thong M. Nguyen sold 80,000 shares of Bank of America stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $39.98, for a total value of $3,198,400.00. Following the transaction, the insider now directly owns 337,006 shares in the company, valued at approximately $13,473,499.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.22% of the company’s stock.

BAC has been the topic of a number of analyst reports. Jefferies Financial Group increased their price target on Bank of America from $41.00 to $48.00 and gave the company a “hold” rating in a research report on Monday. Wolfe Research lowered Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 price target on the stock. in a research report on Wednesday. Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating and set a $46.50 price target on the stock in a research report on Monday, September 13th. Keefe, Bruyette & Woods initiated coverage on Bank of America in a research report on Wednesday, July 7th. They issued a “market perform” rating and a $43.87 price target on the stock. Finally, Evercore ISI reaffirmed a “buy” rating and issued a $43.00 price target on shares of Bank of America in a research report on Friday, July 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $41.25.

Bank of America Company Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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