Cinctive Capital Management LP Buys Shares of 342,211 Bank of America Co. (NYSE:BAC)

Cinctive Capital Management LP purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 342,211 shares of the financial services provider’s stock, valued at approximately $13,579,000.

Several other hedge funds have also recently modified their holdings of BAC. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 2nd quarter worth $27,000. POM Investment Strategies LLC raised its holdings in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares in the last quarter. Kennebec Savings Bank acquired a new stake in Bank of America in the third quarter valued at about $29,000. Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the 2nd quarter valued at approximately $30,000. Finally, Christopher J. Hasenberg Inc increased its position in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE:BAC opened at $47.51 on Monday. Bank of America Co. has a 12-month low of $30.04 and a 12-month high of $48.08. The firm has a market cap of $364.54 billion, a price-to-earnings ratio of 17.28, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The company’s 50-day moving average is $43.02 and its two-hundred day moving average is $41.02. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Research analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Morgan Stanley raised their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Barclays upped their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Finally, Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $44.82.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the transaction, the insider now directly owns 861,175,131 shares in the company, valued at $34,076,699,933.67. This represents a 0.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 70,007,916 shares of company stock valued at $2,829,836,123 over the last quarter. Company insiders own 0.29% of the company’s stock.

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.