Concentric Capital Strategies LP Lowers Stock Position in Bank of America Co. (NYSE:BAC)

Concentric Capital Strategies LP trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 84.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,644 shares of the financial services provider’s stock after selling 145,697 shares during the quarter. Concentric Capital Strategies LP’s holdings in Bank of America were worth $1,057,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Accent Capital Management LLC lifted its stake in shares of Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments grew its holdings in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Baker Avenue Asset Management LP increased its position in shares of Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares in the last quarter. Banco Santander S.A. lifted its holdings in shares of Bank of America by 173.7% during the 3rd quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock valued at $23,150,000 after purchasing an additional 370,275 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its holdings in shares of Bank of America by 647.7% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,823,667 shares of the financial services provider’s stock valued at $72,363,000 after purchasing an additional 1,579,767 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.0 %

BAC stock opened at $47.02 on Tuesday. Bank of America Co. has a 12-month low of $30.33 and a 12-month high of $48.08. 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 business’s 50-day moving average is $43.02 and its 200 day moving average is $41.02. The stock has a market cap of $360.78 billion, a price-to-earnings ratio of 17.10, a PEG ratio of 1.61 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the business earned $0.90 EPS. The firm’s quarterly revenue was up .4% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

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. 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 dividend payout ratio is presently 37.82%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAC. Evercore ISI upped their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company increased their price objective 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. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Finally, 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 research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.82.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction dated Tuesday, October 15th. The shares were 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 owns 766,305,462 shares of the company’s stock, 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 filing with the SEC, which is available through the SEC website. Insiders sold a total of 61,976,277 shares of company stock valued at $2,503,269,682 over the last quarter. 0.29% of the stock is owned by insiders.

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.