QRG Capital Management Inc. Has $72.98 Million Position in Bank of America Corporation $BAC

Key Points

• QRG Capital Management increased its Bank of America position by 44.4% in the second quarter, adding 393,875 shares to reach 1.28 million shares valued at approximately $72.98 million. Institutional investors and hedge funds own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21, beating estimates of $1.13, while revenue reached $31.56 billion and increased 19.6% year over year.
• The company raised its quarterly dividend to $0.32 per share, or $1.28 annually, representing a 2.3% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $64.08.

QRG Capital Management Inc. grew its position in Bank of America Corporation (NYSE:BAC) by 44.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,280,833 shares of the financial services provider's stock after purchasing an additional 393,875 shares during the period. QRG Capital Management Inc.'s holdings in Bank of America were worth $72,982,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Turim 21 Investimentos Ltda. bought a new position in shares of Bank of America during the 2nd quarter valued at about $25,000. Abound Financial LLC bought a new position in Bank of America in the fourth quarter valued at approximately $26,000. Cherry Tree Wealth Management LLC boosted its holdings in shares of Bank of America by 167.6% in the second quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider's stock valued at $27,000 after buying an additional 300 shares during the period. Principia Wealth Advisory LLC increased its position in shares of Bank of America by 69.9% during the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider's stock worth $30,000 after acquiring an additional 218 shares in the last quarter. Finally, Frazier Financial Advisors LLC acquired a new stake in shares of Bank of America during the second quarter worth $34,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Down 0.3%

Shares of NYSE:BAC traded down $0.19 during trading on Wednesday, hitting $56.01. 36,690,055 shares of the company were exchanged, compared to its average volume of 37,259,523. The stock has a market cap of $391.68 billion, a price-to-earnings ratio of 12.85, a P/E/G ratio of 0.93 and a beta of 1.15. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The firm has a fifty day moving average price of $61.89 and a two-hundred day moving average price of $55.95. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.13 by $0.08. The company had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.89 EPS. As a group, research analysts anticipate that Bank of America Corporation will post 4.67 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a $0.32 dividend. This is a boost from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.3%. Bank of America's payout ratio is 29.36%.

Trending Headlines about Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: A hawkish Federal Reserve could provide Bank of America with a mechanical earnings tailwind by supporting net interest income, particularly if asset yields remain elevated. The analysis argues that the benefit may be underappreciated in the company’s balance sheet. A Hawkish Fed Is Bad News for Borrowers. It’s Good News for This Bank.
• Positive Sentiment: At its investor conference, management highlighted growth opportunities across multiple businesses, suggesting that diversification and continued client activity could offset softness in some markets. Bank of America sees less-robust markets in Q3
• Neutral Sentiment: Bank of America said third-quarter markets activity has been less robust, but its CEO conference presentation emphasized opportunities across consumer banking, wealth management and investment banking. This creates a mixed outlook for fee revenue. Bank of America Corporation Presents at Conference
• Neutral Sentiment: Recent disclosures that Bank of America subsidiaries increased holdings in several Turkish companies appear related to client, custody or investment activities and are unlikely to materially affect BAC’s earnings.
• Negative Sentiment: The weaker markets commentary may be weighing on expectations for trading and investment-banking revenue, while investors remain concerned that higher rates could eventually pressure borrowers and credit quality.
• Negative Sentiment: Bank of America’s warning that Brent crude could exceed $150 per barrel if Middle East supply disruptions persist adds a broader inflation and economic-growth risk. A prolonged oil shock could increase credit costs and reduce consumer and business activity. Oil could top $150 a barrel

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a research note on Tuesday, July 21st. Wells Fargo & Company lifted their price target on Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Argus set a $70.00 price target on Bank of America in a report on Wednesday, July 15th. JPMorgan Chase & Co. upped their price objective on Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Finally, Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $64.08.

Bank of America Profile

Bank of America Corporation NYSE: BAC is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.

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 Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.