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

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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Coastwise Capital Group LLC increased its position in Bank of America by 4.1% during the 3rd quarter. Coastwise Capital Group LLC now owns 41,046 shares of the financial services provider’s stock worth $1,629,000 after purchasing an additional 1,619 shares in the last quarter. Ascent Group LLC grew its stake in Bank of America by 17.0% during the third quarter. Ascent Group LLC now owns 130,483 shares of the financial services provider’s stock worth $5,178,000 after buying an additional 18,932 shares during the period. Beacon Investment Advisory Services Inc. raised its stake in shares of Bank of America by 1.1% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after acquiring an additional 231 shares during the period. Benjamin Edwards Inc. lifted its holdings in shares of Bank of America by 3,007.7% during the 3rd quarter. Benjamin Edwards Inc. now owns 108,148 shares of the financial services provider’s stock valued at $4,291,000 after acquiring an additional 104,668 shares in the last quarter. Finally, Kestra Investment Management LLC boosted its position in Bank of America by 36.5% during the 3rd quarter. Kestra Investment Management LLC now owns 26,946 shares of the financial services provider’s stock worth $1,069,000 after purchasing an additional 7,211 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the transaction, the insider now owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This represents a 1.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 70,007,916 shares of company stock valued at $2,829,836,123 in the last quarter. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. Wells Fargo & Company boosted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Barclays lifted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Oppenheimer upped their target price on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.82.

Bank of America Stock Performance

Shares of BAC opened at $47.51 on Monday. The stock has a market capitalization of $364.54 billion, a PE ratio of 17.28, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The business’s fifty day moving average price is $43.02 and its 200 day moving average price is $41.02. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 12-month low of $30.04 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The business 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 company’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 EPS. Equities research 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 $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

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.