D1 Capital Partners L.P. Takes Position in Bank of America Co. (NYSE:BAC)

D1 Capital Partners L.P. purchased a new stake in Bank of America Co. (NYSE:BAC) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,406,706 shares of the financial services provider’s stock, valued at approximately $174,858,000. Bank of America makes up approximately 3.4% of D1 Capital Partners L.P.’s investment portfolio, making the stock its 9th biggest holding. D1 Capital Partners L.P. owned about 0.06% of Bank of America as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at about $27,000. POM Investment Strategies LLC grew its position in shares of Bank of America by 839.0% during 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 shares of Bank of America in the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the 2nd quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc grew its position in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of Bank of America stock opened at $47.77 on Friday. The stock has a market capitalization of $366.53 billion, a P/E ratio of 17.37, a PEG ratio of 1.62 and a beta of 1.32. 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 moving average price is $42.87 and its 200 day moving average price is $40.92. Bank of America Co. has a twelve month low of $29.32 and a twelve month high of $47.98.

Bank of America (NYSE:BAC) last posted 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. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 EPS. As a group, research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given 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 (DPR) is presently 37.82%.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $40.66, for a total transaction of $326,566,441.74. Following the sale, the insider now owns 874,692,264 shares of the company’s stock, valued at $35,564,987,454.24. The trade was a 0.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 70,007,916 shares of company stock valued at $2,829,836,123 over the last quarter. Company insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. Barclays increased their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Evercore ISI increased their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Oppenheimer boosted their price objective 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 equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

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.