Qsemble Capital Management LP Buys 97,460 Shares of Bank of America Corporation $BAC

Key Points

• Qsemble Capital Management increased its Bank of America stake by 92.4% in the fourth quarter, buying 97,460 shares and lifting its holdings to 202,982 shares worth about $11.16 million.
• Bank of America reported stronger-than-expected quarterly results, with EPS of $1.11 versus $1.00 expected and revenue of $30.27 billion, while revenue rose 10.7% year over year.
• The company also announced a quarterly dividend of $0.28 per share, equal to a 2.3% annualized yield, while analysts currently hold a consensus rating of “Moderate Buy” with a price target around $61.06.

Qsemble Capital Management LP grew its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 92.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 202,982 shares of the financial services provider's stock after purchasing an additional 97,460 shares during the quarter. Bank of America comprises about 0.9% of Qsemble Capital Management LP's holdings, making the stock its 14th biggest holding. Qsemble Capital Management LP's holdings in Bank of America were worth $11,164,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. DecisionMap Wealth Management LLC raised its holdings in Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock worth $223,000 after purchasing an additional 182 shares in the last quarter. Money Concepts Capital Corp raised its holdings in Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after purchasing an additional 182 shares in the last quarter. Holistic Financial Partners raised its holdings in Bank of America by 2.4% in the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock worth $434,000 after purchasing an additional 183 shares in the last quarter. Asahi Life Asset Management CO. LTD. raised its holdings in Bank of America by 1.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock worth $1,092,000 after purchasing an additional 187 shares in the last quarter. Finally, Riverview Capital Advisers LLC raised its holdings in Bank of America by 4.2% in the 3rd quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider's stock worth $242,000 after purchasing an additional 188 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

More Bank of America News

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

• Positive Sentiment: Bank of America is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
• Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
• Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
• Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title

Bank of America Stock Down 0.2%

Shares of Bank of America stock opened at $49.77 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The company has a 50-day moving average of $50.40 and a 200 day moving average of $52.44. The firm has a market cap of $353.18 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 0.84 and a beta of 1.21. Bank of America Corporation has a 1 year low of $42.35 and a 1 year high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the prior year, the firm posted $0.90 EPS. Bank of America's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio is 27.72%.

Analyst Ratings Changes

Several brokerages have commented on BAC. Oppenheimer upped their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. Robert W. Baird increased their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Autonomous Res decreased their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Monday, April 6th. Jefferies Financial Group increased their price target on shares of Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, HSBC increased their price target on shares of Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $61.06.

Insider Activity

In related news, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider directly owned 227,973 shares of the company's stock, valued at approximately $11,357,614.86. This represents a 17.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 354,588 shares of company stock valued at $17,814,296. Company insiders own 0.27% of the company's stock.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

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.