Vinva Investment Management Ltd Increases Stake in Bank of America Co. (NYSE:BAC)

Vinva Investment Management Ltd boosted its position in shares of Bank of America Co. (NYSE:BAC) by 23.1% in the third quarter, HoldingsChannel.com reports. The fund owned 296,210 shares of the financial services provider’s stock after acquiring an additional 55,570 shares during the quarter. Vinva Investment Management Ltd’s holdings in Bank of America were worth $11,671,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fairway Wealth LLC purchased a new stake in Bank of America in the second quarter valued at $27,000. POM Investment Strategies LLC lifted its position in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares in the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter valued at approximately $29,000. Bbjs Financial Advisors LLC purchased a new position in Bank of America in the 2nd quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc grew its stake 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 valued at $40,000 after acquiring an additional 852 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective 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 Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Finally, StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Stock Up 0.0 %

Shares of Bank of America stock opened at $47.76 on Thursday. 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 $29.32 and a 52-week high of $47.98. The company has a market capitalization of $366.46 billion, a P/E ratio of 17.37, a P/E/G ratio of 1.61 and a beta of 1.32. The company has a 50 day moving average of $42.73 and a 200 day moving average of $40.87.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.90 earnings per share. As a group, research analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm 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. This represents a $1.04 annualized dividend and a yield of 2.18%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $40.61, for a total transaction of $322,390,566.39. Following the transaction, the insider now owns 882,723,903 shares of the company’s stock, valued at approximately $35,847,417,700.83. This trade represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 77,946,615 shares of company stock valued at $3,152,226,690 over the last three months. 0.29% of the stock is owned by corporate insiders.

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.