Bank of America Co. (NYSE:BAC) Stake Lessened by Navellier & Associates Inc.

Navellier & Associates Inc. decreased its position in shares of Bank of America Co. (NYSE:BAC) by 29.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,800 shares of the financial services provider’s stock after selling 5,444 shares during the period. Navellier & Associates Inc.’s holdings in Bank of America were worth $508,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AMF Tjanstepension AB grew its holdings in Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after acquiring an additional 8,447,091 shares during the period. Swedbank AB acquired a new position in shares of Bank of America in the 1st quarter worth approximately $261,923,000. 1832 Asset Management L.P. raised its holdings in shares of Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Bank of America during the second quarter worth approximately $127,252,000. 70.71% of the stock is owned by institutional investors.

Insider Activity

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America 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 in the company, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 96,094,698 shares of company stock valued at $3,876,350,805 over the last 90 days. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent research reports. Evercore ISI increased their price objective 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. Morgan Stanley increased their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Wells Fargo & Company boosted their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Barclays raised their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Stock Performance

BAC stock opened at $46.55 on Friday. The company has a market capitalization of $357.13 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 1.57 and a beta of 1.32. The firm has a 50 day moving average of $42.07 and a two-hundred day moving average of $40.59. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.05.

Bank of America (NYSE:BAC) last posted its earnings results 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. As a group, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared 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. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

About Bank of America

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.