Investment Management Corp of Ontario Raises Stake in Bank of America Co. (NYSE:BAC)

Investment Management Corp of Ontario lifted its position in Bank of America Co. (NYSE:BAC) by 47.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 233,752 shares of the financial services provider’s stock after purchasing an additional 75,500 shares during the quarter. Investment Management Corp of Ontario’s holdings in Bank of America were worth $9,275,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Accent Capital Management LLC increased its stake in shares of Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after buying an additional 11,873 shares during the period. Summit Global Investments boosted its stake in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares during the period. Baker Avenue Asset Management LP lifted its position in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares during the last quarter. Banco Santander S.A. raised its position in shares of Bank of America by 173.7% during the 3rd quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock worth $23,150,000 after buying an additional 370,275 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its position in shares of Bank of America by 647.7% in the third quarter. Westfield Capital Management Co. LP now owns 1,823,667 shares of the financial services provider’s stock worth $72,363,000 after acquiring an additional 1,579,767 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $39.57, for a total value of $68,114,452.62. Following the completion of the sale, the insider now directly owns 861,175,131 shares of the company’s stock, valued at $34,076,699,933.67. This represents a 0.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have sold 61,976,277 shares of company stock valued at $2,503,269,682. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on BAC. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. Piper Sandler increased their price objective on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday. Oppenheimer lifted 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. Wells Fargo & Company increased 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 report on Friday, November 15th. Finally, Morgan Stanley boosted their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $45.57.

Bank of America Trading Down 1.0 %

Shares of NYSE:BAC opened at $47.04 on Tuesday. 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 business’s fifty day simple moving average is $43.02 and its 200-day simple moving average is $41.02. Bank of America Co. has a 12-month low of $30.33 and a 12-month high of $48.08. The company has a market capitalization of $360.93 billion, a PE ratio of 17.10, a P/E/G ratio of 1.61 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates 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 company’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 earnings per share. As a group, equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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 issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.21%. Bank of America’s dividend payout ratio is presently 37.82%.

About Bank of America

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.