Blueshift Asset Management LLC Invests $427,000 in Bank of America Co. (NYSE:BAC)

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

A number of other hedge funds have also bought and sold shares of BAC. Fairway Wealth LLC bought a new position in shares of Bank of America in the 2nd quarter worth about $27,000. POM Investment Strategies LLC lifted its holdings in 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 worth $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new position in Bank of America in the third quarter valued at approximately $29,000. Bbjs Financial Advisors LLC acquired a new position in Bank of America in the second quarter valued at approximately $30,000. Finally, Christopher J. Hasenberg Inc grew its holdings in shares of Bank of America by 525.9% during 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 currently owned by institutional investors and hedge funds.

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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 863,977,599 shares of the company’s stock, valued at approximately $34,801,017,687.72. The trade was a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 70,007,916 shares of company stock worth $2,829,836,123 over the last 90 days. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on BAC. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Oppenheimer upped their target price on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Finally, Morgan Stanley lifted their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target 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.