Y Intercept Hong Kong Ltd Sells 8,992 Shares of Bank of America Co. (NYSE:BAC)

Y Intercept Hong Kong Ltd trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 10.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 74,136 shares of the financial services provider’s stock after selling 8,992 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Bank of America were worth $2,942,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. RFG Advisory LLC increased its stake in Bank of America by 6.1% in the second quarter. RFG Advisory LLC now owns 19,554 shares of the financial services provider’s stock worth $778,000 after purchasing an additional 1,116 shares during the period. Friedenthal Financial bought a new stake in Bank of America during the 2nd quarter valued at about $54,000. Meyer Handelman Co. purchased a new stake in Bank of America in the 2nd quarter valued at about $201,000. PGGM Investments grew its stake in Bank of America by 56.7% in the 2nd quarter. PGGM Investments now owns 361,937 shares of the financial services provider’s stock worth $14,394,000 after acquiring an additional 131,027 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its position in shares of Bank of America by 4.7% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 510,517 shares of the financial services provider’s stock worth $20,303,000 after acquiring an additional 22,897 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 1.8 %

NYSE:BAC opened at $45.93 on Tuesday. 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 firm has a fifty day simple moving average of $43.87 and a 200-day simple moving average of $41.33. The company has a market capitalization of $352.42 billion, a P/E ratio of 16.70, a PEG ratio of 1.58 and a beta of 1.33. Bank of America Co. has a 12 month low of $30.45 and a 12 month high of $48.08.

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

Bank of America Announces Dividend

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 issued a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $48.00 to $55.00 in a report on Monday. Wells Fargo & Company increased their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Piper Sandler lifted their price objective on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Evercore ISI boosted their price target 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. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $45.92.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 55,223,897 shares of company stock worth $2,232,505,985 over the last three months. Company insiders own 0.29% of the company’s stock.

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.