Qsemble Capital Management LP Has $2.74 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Qsemble Capital Management LP grew its stake in Bank of America Co. (NYSE:BAC - Free Report) by 64.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,094 shares of the financial services provider's stock after acquiring an additional 27,153 shares during the quarter. Qsemble Capital Management LP's holdings in Bank of America were worth $2,742,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Associated Banc Corp increased its stake in Bank of America by 1.1% in the third quarter. Associated Banc Corp now owns 380,420 shares of the financial services provider's stock valued at $15,095,000 after purchasing an additional 4,286 shares in the last quarter. Horizon Kinetics Asset Management LLC grew its holdings in shares of Bank of America by 87.3% in the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 49,225 shares of the financial services provider's stock valued at $1,953,000 after buying an additional 22,950 shares during the period. Longfellow Investment Management Co. LLC increased its position in shares of Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider's stock valued at $1,484,000 after buying an additional 227 shares in the last quarter. Truvestments Capital LLC acquired a new stake in Bank of America during the 3rd quarter worth $73,000. Finally, Bedell Frazier Investment Counselling LLC lifted its holdings in Bank of America by 0.5% during the third quarter. Bedell Frazier Investment Counselling LLC now owns 120,319 shares of the financial services provider's stock worth $4,774,000 after acquiring an additional 588 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE BAC traded up $0.23 on Tuesday, hitting $47.74. 30,291,109 shares of the stock were exchanged, compared to its average volume of 38,609,680. The company has a market capitalization of $366.26 billion, a PE ratio of 17.36, a P/E/G ratio of 1.59 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business's fifty day moving average is $42.57 and its 200 day moving average is $40.82. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.84.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America's quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS. Research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.18%. Bank of America's dividend payout ratio is currently 37.82%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods raised their price target on Bank of America from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. StockNews.com raised Bank of America from a "sell" rating to a "hold" rating in a research note on Wednesday, October 16th. Evercore ISI lifted their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Barclays increased their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 16th. Finally, Phillip Securities raised shares of Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price objective on the stock in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $44.26.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares of the company's stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 85,027,690 shares of company stock valued at $3,435,115,636. 0.29% of the stock is owned by insiders.

About Bank of America

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.