Point72 Hong Kong Ltd Purchases 88,252 Shares of Bank of America Co. (NYSE:BAC)

Point72 Hong Kong Ltd increased its position in Bank of America Co. (NYSE:BAC) by 1,930.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 92,823 shares of the financial services provider’s stock after acquiring an additional 88,252 shares during the period. Point72 Hong Kong Ltd’s holdings in Bank of America were worth $3,683,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Paradigm Capital Management LLC NV purchased a new position in shares of Bank of America in the third quarter worth $1,427,000. FSA Wealth Management LLC bought a new position in Bank of America during the 3rd quarter valued at about $163,000. B&L Asset Management LLC purchased a new stake in shares of Bank of America during the 3rd quarter valued at about $659,000. Erste Asset Management GmbH bought a new stake in shares of Bank of America in the third quarter worth approximately $23,712,000. Finally, True Wealth Design LLC raised its holdings in shares of Bank of America by 722.3% during the third quarter. True Wealth Design LLC now owns 2,467 shares of the financial services provider’s stock valued at $98,000 after purchasing an additional 2,167 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $40.28, for a total value of $202,649,243.92. Following the completion of the transaction, the insider now directly owns 863,977,599 shares of the company’s stock, valued at approximately $34,801,017,687.72. This trade represents a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 70,007,916 shares of company stock worth $2,829,836,123 in the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Shares of Bank of America stock opened at $47.51 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $30.04 and a 52 week high of $48.08. The stock’s 50-day simple moving average is $43.02 and its 200-day simple moving average is $41.00. The company has a market capitalization of $364.54 billion, a price-to-earnings ratio of 17.28, a PEG ratio of 1.61 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.90 EPS. As a group, analysts expect 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 announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.19%. Bank of America’s payout ratio is 37.82%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Evercore ISI lifted their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Oppenheimer upped their price objective on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Wells Fargo & Company upped their price target 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, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. One 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. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average 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.