Point72 Europe London LLP Sells 239,182 Shares of Bank of America Co. (NYSE:BAC)

Point72 Europe London LLP decreased its position in Bank of America Co. (NYSE:BAC) by 57.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 173,900 shares of the financial services provider’s stock after selling 239,182 shares during the quarter. Point72 Europe London LLP’s holdings in Bank of America were worth $6,900,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Fairway Wealth LLC bought a new position in Bank of America in the second quarter valued at $27,000. POM Investment Strategies LLC raised its position in 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 in the last quarter. Kennebec Savings Bank bought a new position in shares of Bank of America in the 3rd quarter valued at about $29,000. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc raised its holdings in shares of Bank of America by 525.9% in the 3rd 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 period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.5 %

Shares of BAC stock opened at $47.52 on Friday. Bank of America Co. has a fifty-two week low of $30.04 and a fifty-two week high of $48.08. The stock’s fifty day moving average price is $43.02 and its two-hundred day moving average price is $40.98. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $364.62 billion, a PE ratio of 17.28, a P/E/G ratio of 1.62 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The business 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 was up .4% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. Equities analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $40.28, for a total transaction of $202,649,243.92. Following the sale, the insider now 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 SEC, which can be accessed through the SEC website. Insiders sold a total of 70,007,916 shares of company stock valued at $2,829,836,123 in the last quarter. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. Barclays boosted their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI upped their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Citigroup upgraded shares of 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 note on Friday, November 8th. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price 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.