Cim Investment Management Inc. Has $478,000 Position in Bank of America Co. (NYSE:BAC)

Cim Investment Management Inc. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,054 shares of the financial services provider’s stock after selling 383 shares during the quarter. Cim Investment Management Inc.’s holdings in Bank of America were worth $478,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Destination Wealth Management lifted its position in Bank of America by 58.0% during the 3rd quarter. Destination Wealth Management now owns 11,444 shares of the financial services provider’s stock worth $454,000 after buying an additional 4,202 shares in the last quarter. Arvest Bank Trust Division bought a new stake in shares of Bank of America during the 3rd quarter worth approximately $18,568,000. World Investment Advisors LLC grew its stake in shares of Bank of America by 86.7% in the third quarter. World Investment Advisors LLC now owns 116,951 shares of the financial services provider’s stock valued at $4,641,000 after buying an additional 54,302 shares in the last quarter. Pine Valley Investments Ltd Liability Co raised its position in Bank of America by 2.2% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 16,579 shares of the financial services provider’s stock worth $658,000 after acquiring an additional 356 shares in the last quarter. Finally, Eaton Financial Holdings Company LLC acquired a new stake in Bank of America in the third quarter valued at $488,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on BAC shares. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Evercore ISI boosted their price target on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Keefe, Bruyette & Woods increased their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $45.92.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.08 on Friday. The company’s 50 day moving average price is $44.27 and its two-hundred day moving average price is $41.43. The firm has a market capitalization of $353.57 billion, a P/E ratio of 16.76, a P/E/G ratio of 1.56 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a fifty-two week low of $30.63 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 EPS. On average, equities analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.26%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 55,223,897 shares of company stock worth $2,232,505,985 in 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.