Caisse DE Depot ET Placement DU Quebec Increases Stake in Bank of America Co. (NYSE:BAC)

Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 193.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,608,305 shares of the financial services provider’s stock after acquiring an additional 5,015,378 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned approximately 0.10% of Bank of America worth $301,898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Fred Alger Management LLC grew its holdings in Bank of America by 1.8% during the third quarter. Fred Alger Management LLC now owns 190,337 shares of the financial services provider’s stock valued at $7,553,000 after purchasing an additional 3,335 shares during the period. Atlantic Union Bankshares Corp grew its stake in shares of Bank of America by 7.6% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 294,646 shares of the financial services provider’s stock valued at $11,692,000 after acquiring an additional 20,931 shares during the period. D1 Capital Partners L.P. purchased a new stake in Bank of America in the 3rd quarter worth approximately $174,858,000. Martingale Asset Management L P raised its stake in Bank of America by 1,465.8% during the 3rd quarter. Martingale Asset Management L P now owns 149,412 shares of the financial services provider’s stock worth $5,929,000 after acquiring an additional 139,870 shares during the period. Finally, Infrastructure Capital Advisors LLC lifted its holdings in Bank of America by 23.6% during the third quarter. Infrastructure Capital Advisors LLC now owns 48,762 shares of the financial services provider’s stock valued at $1,935,000 after purchasing an additional 9,299 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $47.52 on Friday. The stock has a market cap of $364.62 billion, a price-to-earnings ratio of 17.28, a price-to-earnings-growth 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. The stock has a 50 day moving average price of $43.02 and a 200-day moving average price of $40.98. Bank of America Co. has a one year low of $30.04 and a one year high of $48.08.

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

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the sale, the insider now directly owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. This trade represents a 0.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 70,007,916 shares of company stock worth $2,829,836,123 over the last 90 days. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BAC. Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Wells Fargo & Company upped their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. 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 research note on Tuesday, September 3rd. Finally, Barclays upped their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America 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.