Quantinno Capital Management LP Buys 110,246 Shares of Bank of America Co. (NYSE:BAC)

Quantinno Capital Management LP grew its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 23.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 570,953 shares of the financial services provider's stock after buying an additional 110,246 shares during the quarter. Quantinno Capital Management LP's holdings in Bank of America were worth $25,093,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Collier Financial bought a new stake in shares of Bank of America in the fourth quarter worth $25,000. Life Planning Partners Inc lifted its holdings in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC acquired a new position in Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the fourth quarter valued at $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America in the fourth quarter valued at $31,000. Institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BAC shares. Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a report on Friday, January 17th. Cfra Research boosted their target price on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Argus dropped their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Oppenheimer boosted their target price on shares of Bank of America from $50.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Stock Up 0.6%

Shares of BAC traded up $0.28 on Friday, reaching $44.66. The company's stock had a trading volume of 49,375,450 shares, compared to its average volume of 39,631,243. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The stock has a market capitalization of $336.38 billion, a PE ratio of 13.87, a PEG ratio of 1.21 and a beta of 1.27. The firm has a fifty day moving average of $39.93 and a 200-day moving average of $43.53.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Equities analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 30.95%.

Bank of America Company 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.