Robeco Institutional Asset Management B.V. Has $372.91 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Robeco Institutional Asset Management B.V. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 24.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,397,955 shares of the financial services provider’s stock after purchasing an additional 1,816,804 shares during the period. Bank of America makes up about 0.7% of Robeco Institutional Asset Management B.V.’s holdings, making the stock its 20th biggest position. Robeco Institutional Asset Management B.V. owned 0.12% of Bank of America worth $372,911,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Van ECK Associates Corp increased its stake in shares of Bank of America by 120.2% in the 3rd quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock valued at $814,000 after acquiring an additional 10,497 shares in the last quarter. Whitener Capital Management Inc. grew its holdings in Bank of America by 2.9% in the third quarter. Whitener Capital Management Inc. now owns 17,595 shares of the financial services provider’s stock worth $698,000 after purchasing an additional 500 shares during the period. Glassy Mountain Advisors Inc. increased its stake in Bank of America by 3.7% in the third quarter. Glassy Mountain Advisors Inc. now owns 97,494 shares of the financial services provider’s stock valued at $3,869,000 after purchasing an additional 3,495 shares in the last quarter. Confluence Wealth Services Inc. raised its holdings in shares of Bank of America by 4.8% during the third quarter. Confluence Wealth Services Inc. now owns 20,999 shares of the financial services provider’s stock valued at $833,000 after purchasing an additional 959 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its position in shares of Bank of America by 1.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 146,204 shares of the financial services provider’s stock worth $5,801,000 after purchasing an additional 1,866 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 0.1 %

BAC stock opened at $41.76 on Monday. Bank of America Co. has a 1-year low of $26.59 and a 1-year high of $44.44. The stock has a market cap of $320.42 billion, a P/E ratio of 15.19, a P/E/G ratio of 1.42 and a beta of 1.32. The stock’s fifty day simple moving average is $40.54 and its two-hundred day simple moving average is $39.85. 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 posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during 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 firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. Analysts expect that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.49%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BAC. Morgan Stanley boosted their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Oppenheimer increased their target price on Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Barclays upped their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.69.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the completion of the sale, the insider now directly owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the sale, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,067,817 shares of company stock worth $4,548,518,070. Insiders own 0.29% of the company’s stock.

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.