Point72 Europe London LLP Lowers Stake in Bank of America Co. (NYSE:BAC)

Point72 Europe London LLP cut its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 57.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 173,900 shares of the financial services provider's stock after selling 239,182 shares during the quarter. Point72 Europe London LLP's holdings in Bank of America were worth $6,900,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of BAC. Fairway Wealth LLC acquired a new stake in Bank of America in the second quarter worth about $27,000. POM Investment Strategies LLC boosted its holdings in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider's stock valued at $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank acquired a new position in Bank of America in the 3rd quarter worth $29,000. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America during the second quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc raised its holdings in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 852 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Wells Fargo & Company raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. StockNews.com raised shares of Bank of America from a "sell" rating to a "hold" rating in a report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Phillip Securities raised Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Finally, Citigroup upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and upped their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and an average price target of $44.26.

Bank of America Trading Down 0.5 %

NYSE:BAC traded down $0.26 during trading hours on Friday, hitting $47.51. The company had a trading volume of 23,262,009 shares, compared to its average volume of 38,477,180. The company has a market cap of $364.54 billion, a P/E ratio of 17.28, a P/E/G ratio of 1.62 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 company has a 50-day moving average of $43.02 and a 200 day moving average of $40.98.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for 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 firm's quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the business earned $0.90 EPS. Sell-side analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. Bank of America's payout ratio is currently 37.82%.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $40.66, for a total transaction of $326,566,441.74. Following the sale, the insider now directly owns 874,692,264 shares in the company, valued at $35,564,987,454.24. This trade represents a 0.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 70,007,916 shares of company stock valued at $2,829,836,123. Corporate insiders own 0.29% of the company's stock.

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.