Oddo BHF Asset Management Sas Acquires New Shares in Bank of America Co. (NYSE:BAC)

Oddo BHF Asset Management Sas bought a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 42,087 shares of the financial services provider's stock, valued at approximately $1,670,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Old North State Trust LLC bought a new stake in Bank of America in the third quarter valued at approximately $202,000. Tidal Investments LLC grew its holdings in shares of Bank of America by 4.5% in the 3rd quarter. Tidal Investments LLC now owns 294,896 shares of the financial services provider's stock valued at $11,701,000 after buying an additional 12,748 shares during the period. Destination Wealth Management increased its position in shares of Bank of America by 58.0% in the 3rd quarter. Destination Wealth Management now owns 11,444 shares of the financial services provider's stock valued at $454,000 after buying an additional 4,202 shares in the last quarter. Arvest Bank Trust Division acquired a new stake in Bank of America during the 3rd quarter worth $18,568,000. Finally, World Investment Advisors LLC lifted its holdings in Bank of America by 86.7% during the third quarter. World Investment Advisors LLC now owns 116,951 shares of the financial services provider's stock worth $4,641,000 after acquiring an additional 54,302 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now owns 835,908,435 shares in the company, valued at $34,088,345,979.30. The trade was a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders sold 55,223,897 shares of company stock valued at $2,232,505,985. Company insiders own 0.29% of the company's stock.

Bank of America Stock Performance

Bank of America stock traded down $0.41 during midday trading on Friday, hitting $45.67. The company's stock had a trading volume of 32,902,264 shares, compared to its average volume of 38,222,914. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $350.42 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 1.56 and a beta of 1.33. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The company has a 50-day moving average price of $44.39 and a two-hundred day moving average price of $41.47.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (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 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 firm's revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 earnings per share. As a group, sell-side 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 declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Friday, December 6th. Bank of America's dividend payout ratio (DPR) is presently 37.82%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BAC. StockNews.com upgraded Bank of America from a "sell" rating to a "hold" rating in a report on Wednesday, October 16th. Oppenheimer boosted their price objective on shares of 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 increased their target price on Bank of America from $44.00 to $50.00 and gave the stock a "neutral" rating in a report on Tuesday, December 3rd. Royal Bank of Canada restated an "outperform" rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a "hold" rating to a "buy" rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $45.92.

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.