Bank of America Co. (NYSE:BAC) Shares Bought by Investment Management Corp of Ontario

Investment Management Corp of Ontario lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 47.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 233,752 shares of the financial services provider’s stock after purchasing an additional 75,500 shares during the quarter. Investment Management Corp of Ontario’s holdings in Bank of America were worth $9,275,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. 1832 Asset Management L.P. increased its position 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 valued at $244,627,000 after buying an additional 5,749,567 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of 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 valued at $301,898,000 after acquiring an additional 5,015,378 shares in the last quarter. International Assets Investment Management LLC increased its position 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 valued at $1,804,560,000 after purchasing an additional 4,423,215 shares during the period. D1 Capital Partners L.P. acquired a new stake in shares of Bank of America in the 3rd quarter valued at about $174,858,000. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Bank of America during the 2nd quarter worth $127,252,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Bank of America stock opened at $47.04 on Tuesday. The firm has a market capitalization of $360.93 billion, a P/E ratio of 17.10, a PEG ratio of 1.61 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a fifty day moving average of $43.02 and a 200-day moving average of $41.02. Bank of America Co. has a 52-week low of $30.33 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last posted 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the company posted $0.90 EPS. The company’s quarterly revenue was up .4% compared to the same quarter last year. As a group, analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

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

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the sale, the insider now directly owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. This trade represents a 0.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have sold 61,976,277 shares of company stock valued at $2,503,269,682. 0.29% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on BAC shares. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a report on Tuesday, September 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Morgan Stanley lifted 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. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.57.

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.