Redwood Grove Capital LLC Raises Holdings in Bank of America Co. (NYSE:BAC)

Redwood Grove Capital LLC lifted its position in Bank of America Co. (NYSE:BAC) by 17.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 428,207 shares of the financial services provider’s stock after purchasing an additional 63,307 shares during the period. Bank of America accounts for approximately 4.6% of Redwood Grove Capital LLC’s investment portfolio, making the stock its 14th largest holding. Redwood Grove Capital LLC’s holdings in Bank of America were worth $16,991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. 1832 Asset Management L.P. boosted its stake in shares of Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after buying an additional 5,749,567 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Bank of America by 193.4% in 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 last quarter. International Assets Investment Management LLC boosted its stake in shares of Bank of America by 3,550.7% in 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 during the last quarter. D1 Capital Partners L.P. purchased a new position in shares of Bank of America in the 3rd quarter worth $174,858,000. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Bank of America in the 2nd 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 %

BAC opened at $46.37 on Thursday. The stock has a market cap of $355.75 billion, a price-to-earnings ratio of 16.86, a P/E/G ratio of 1.58 and a beta of 1.33. The stock’s 50 day moving average price is $43.45 and its 200-day moving average price is $41.16. Bank of America Co. has a one year low of $30.33 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

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, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 earnings per share. Bank of America’s revenue was up .4% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced 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 is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.24%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Oppenheimer lifted their target price on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Piper Sandler lifted their target price on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Finally, Evercore ISI lifted their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.57.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the sale, the insider now owns 861,175,131 shares of the company’s stock, valued at approximately $34,076,699,933.67. This trade represents a 0.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 56,945,263 shares of company stock valued at $2,300,620,438. 0.29% of the stock is currently owned by corporate insiders.

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.