Bank of America Co. (NYSE:BAC) Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd decreased its holdings in Bank of America Co. (NYSE:BAC) by 10.8% in the third quarter, HoldingsChannel.com reports. The firm owned 74,136 shares of the financial services provider’s stock after selling 8,992 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Bank of America were worth $2,942,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BAC. Raab & Moskowitz Asset Management LLC increased its position in shares of Bank of America by 1.7% in the third quarter. Raab & Moskowitz Asset Management LLC now owns 78,067 shares of the financial services provider’s stock valued at $3,098,000 after buying an additional 1,281 shares in the last quarter. Pacific Center for Financial Services grew its stake in Bank of America by 16.1% in the 3rd quarter. Pacific Center for Financial Services now owns 5,680 shares of the financial services provider’s stock valued at $225,000 after acquiring an additional 786 shares during the period. Anson Funds Management LP purchased a new stake in Bank of America in the 3rd quarter worth $2,282,000. Orion Portfolio Solutions LLC raised its position in Bank of America by 6.5% during the third quarter. Orion Portfolio Solutions LLC now owns 216,245 shares of the financial services provider’s stock worth $8,581,000 after acquiring an additional 13,292 shares during the period. Finally, XTX Topco Ltd lifted its holdings in Bank of America by 11.4% during the third quarter. XTX Topco Ltd now owns 118,429 shares of the financial services provider’s stock valued at $4,699,000 after purchasing an additional 12,138 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $48.00 to $55.00 in a research report on Monday. Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Wells Fargo & Company lifted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $45.92.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. The trade was a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 55,223,897 shares of company stock valued at $2,232,505,985. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Down 1.8 %

Shares of BAC opened at $45.93 on Tuesday. The company’s 50-day moving average price is $43.87 and its 200 day moving average price is $41.33. Bank of America Co. has a 12-month low of $30.45 and a 12-month 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 firm has a market cap of $352.42 billion, a P/E ratio of 16.70, a price-to-earnings-growth ratio of 1.58 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the firm earned $0.90 earnings per share. The firm’s revenue was up .4% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Bank of America 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.