Blueshift Asset Management LLC Takes Position in Bank of America Co. (NYSE:BAC)

Blueshift Asset Management LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,756 shares of the financial services provider’s stock, valued at approximately $427,000.

A number of other institutional investors have also recently bought and sold shares of BAC. AMF Tjanstepension AB lifted its holdings in shares of Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after buying an additional 8,447,091 shares during the last quarter. 1832 Asset Management L.P. lifted its stake in Bank of America by 1,432.1% in the second 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 acquiring an additional 5,749,567 shares during the last quarter. International Assets Investment Management LLC grew its position in Bank of America by 3,550.7% in the third 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 in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Bank of America during the 2nd quarter worth $127,252,000. Finally, Clearbridge Investments LLC raised its holdings 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 purchasing an additional 3,109,197 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.0 %

BAC opened at $47.77 on Friday. The company has a market capitalization of $366.53 billion, a P/E ratio of 17.37, a P/E/G ratio of 1.62 and a beta of 1.32. 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 firm’s fifty day moving average price is $42.87 and its two-hundred day moving average price is $40.92. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.98.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating 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 business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the business earned $0.90 EPS. The firm’s revenue was up .4% on a year-over-year basis. On average, analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Evercore ISI boosted their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $40.28, for a total transaction of $202,649,243.92. Following the sale, the insider now directly owns 863,977,599 shares in the company, valued at $34,801,017,687.72. This represents a 0.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 70,007,916 shares of company stock worth $2,829,836,123 over the last three months. Company 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.