Vinva Investment Management Ltd Grows Position in Bank of America Co. (NYSE:BAC)

Vinva Investment Management Ltd boosted its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 23.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 296,210 shares of the financial services provider's stock after buying an additional 55,570 shares during the quarter. Vinva Investment Management Ltd's holdings in Bank of America were worth $11,671,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. AMF Tjanstepension AB boosted its holdings in Bank of America by 959.6% in the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider's stock worth $370,948,000 after purchasing an additional 8,447,091 shares during the last quarter. 1832 Asset Management L.P. lifted its stake 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 worth $244,627,000 after purchasing an additional 5,749,567 shares during the period. International Assets Investment Management LLC boosted its stake in shares of 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 worth $1,804,560,000 after acquiring an additional 4,423,215 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Bank of America during the second quarter valued at $127,252,000. Finally, Clearbridge Investments LLC grew its stake in shares of Bank of America by 23.6% during the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider's stock valued at $646,693,000 after acquiring an additional 3,109,197 shares during the period. Institutional investors own 70.71% of the company's stock.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 77,946,615 shares of company stock worth $3,152,226,690 over the last 90 days. Company insiders own 0.29% of the company's stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $47.76 on Thursday. 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 stock's fifty day moving average price is $42.73 and its 200-day moving average price is $40.87. The firm has a market cap of $366.46 billion, a P/E ratio of 17.37, a P/E/G ratio of 1.61 and a beta of 1.32. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.98.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the firm posted $0.90 EPS. The company's revenue for the quarter was up .4% on a year-over-year basis. On average, equities research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Friday, December 6th. Bank of America's dividend payout ratio (DPR) is 37.82%.

Wall Street Analyst Weigh In

A number of research firms have commented on BAC. StockNews.com upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a research note on Wednesday, October 16th. Phillip Securities raised shares of Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Royal Bank of Canada reissued an "outperform" rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Barclays lifted their target price on Bank of America from $49.00 to $53.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. Finally, Oppenheimer upped their price target on shares of Bank of America from $50.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, November 5th. 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 given a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $44.26.

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.

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