Point72 Asia Singapore Pte. Ltd. Sells 106,906 Shares of Bank of America Co. (NYSE:BAC)

Point72 Asia Singapore Pte. Ltd. decreased its position in Bank of America Co. (NYSE:BAC) by 81.1% during the third quarter, HoldingsChannel reports. The firm owned 24,923 shares of the financial services provider’s stock after selling 106,906 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Bank of America were worth $989,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Fairway Wealth LLC bought a new position in Bank of America during the second quarter worth $27,000. POM Investment Strategies LLC increased its position 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 acquiring an additional 646 shares during the period. Kennebec Savings Bank acquired a new stake in Bank of America during the third quarter worth $29,000. Bbjs Financial Advisors LLC acquired a new stake in Bank of America during the second quarter worth $30,000. Finally, Christopher J. Hasenberg Inc boosted its stake in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on BAC shares. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer lifted their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $44.82.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $47.51 on Monday. The stock has a market capitalization of $364.54 billion, a P/E ratio of 17.28, a P/E/G ratio of 1.61 and a beta of 1.32. Bank of America Co. has a 1-year low of $30.04 and a 1-year high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a 50-day moving average price of $43.02 and a two-hundred day moving average price of $41.02.

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

Bank of America Announces Dividend

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

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62. Following the completion of the sale, the insider now directly owns 861,175,131 shares of the company’s stock, 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 through this hyperlink. In the last three months, insiders sold 70,007,916 shares of company stock valued at $2,829,836,123. 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.