NFJ Investment Group LLC Has $81 Million Stake in Bank of America Co. (NYSE:BAC)

NFJ Investment Group LLC trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 12.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,041,303 shares of the financial services provider’s stock after selling 299,900 shares during the quarter. Bank of America comprises 2.4% of NFJ Investment Group LLC’s portfolio, making the stock its 4th largest position. NFJ Investment Group LLC’s holdings in Bank of America were worth $80,999,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in BAC. Longfellow Investment Management Co. LLC boosted its stake in shares of Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. boosted its position in Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after buying an additional 231 shares during the period. McAdam LLC grew its holdings in Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares during the last quarter. Integrity Financial Corp WA increased its position in Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after acquiring an additional 240 shares during the period. Finally, BTC Capital Management Inc. raised its stake in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 248 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC traded down $0.03 during trading hours on Tuesday, reaching $47.01. The stock had a trading volume of 8,224,389 shares, compared to its average volume of 38,328,012. Bank of America Co. has a 12-month low of $30.33 and a 12-month high of $48.08. 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 simple moving average of $43.02 and a 200 day simple moving average of $41.02. The stock has a market cap of $360.70 billion, a P/E ratio of 17.10, a price-to-earnings-growth ratio of 1.61 and a beta of 1.33.

Bank of America (NYSE:BAC) last released 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period last year, the firm earned $0.90 EPS. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts forecast that Bank of America Co. will post 3.27 EPS 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. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is presently 37.82%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Tuesday, September 3rd. Piper Sandler raised their price objective on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Oppenheimer raised their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $45.57.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of the transaction, the insider now directly owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The trade was a 0.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 61,976,277 shares of company stock worth $2,503,269,682 over the last ninety days. Company insiders own 0.29% of the company’s stock.

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.