Bank of America Co. (NYSE:BAC) Shares Sold by Concentric Capital Strategies LP

Concentric Capital Strategies LP decreased its position in shares of Bank of America Co. (NYSE:BAC) by 84.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,644 shares of the financial services provider’s stock after selling 145,697 shares during the period. Concentric Capital Strategies LP’s holdings in Bank of America were worth $1,057,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. 1832 Asset Management L.P. lifted its position in shares of Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after buying an additional 5,015,378 shares during the period. International Assets Investment Management LLC lifted its holdings in Bank of America by 3,550.7% during the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares in the last quarter. D1 Capital Partners L.P. purchased a new position in Bank of America in the 3rd quarter valued at approximately $174,858,000. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Bank of America in the second quarter worth $127,252,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 1.0 %

NYSE:BAC opened at $47.02 on Tuesday. The company has a market capitalization of $360.78 billion, a PE ratio of 17.10, a P/E/G ratio of 1.61 and a beta of 1.33. Bank of America Co. has a 52-week low of $30.33 and a 52-week high of $48.08. The stock’s 50 day moving average price is $43.02 and its 200 day moving average price is $41.02. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates 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 revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. On average, research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America’s payout ratio is 37.82%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Morgan Stanley increased their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Barclays increased their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI boosted their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Oppenheimer raised their target price on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $44.82.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the transaction, the insider now owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. This represents a 0.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have sold 61,976,277 shares of company stock worth $2,503,269,682. 0.29% of the stock is currently 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.