D1 Capital Partners L.P. Makes New $174.86 Million Investment in Bank of America Co. (NYSE:BAC)

D1 Capital Partners L.P. purchased a new position in Bank of America Co. (NYSE:BAC) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 4,406,706 shares of the financial services provider’s stock, valued at approximately $174,858,000. Bank of America makes up about 3.4% of D1 Capital Partners L.P.’s investment portfolio, making the stock its 9th largest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Longfellow Investment Management Co. LLC raised its holdings in shares of Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 227 shares during the period. McAdam LLC boosted its stake in Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after acquiring an additional 238 shares during the period. Integrity Financial Corp WA boosted its stake in Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after acquiring an additional 240 shares during the period. BTC Capital Management Inc. grew its holdings in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares during the last quarter. Finally, Central Bank & Trust Co. raised its position in shares of Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares during the period. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

BAC has been the subject of a number of recent research reports. Oppenheimer upped their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Barclays upped their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Phillip Securities upgraded 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 report on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. One investment 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 company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the sale, the insider now owns 812,041,811 shares in the company, valued at $31,888,881,917.97. This represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 70,007,916 shares of company stock worth $2,829,836,123 over the last ninety days. 0.29% of the stock is currently owned by company insiders.

Bank of America Price Performance

NYSE BAC opened at $47.77 on Friday. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.98. The business’s fifty day moving average is $42.87 and its two-hundred day moving average is $40.92. The stock 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 quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced 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. 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 analyst estimates of $25.25 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. On average, research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. 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 is presently 37.82%.

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.