Loomis Sayles & Co. L P Trims Stake in Bank of America Co. (NYSE:BAC)

Loomis Sayles & Co. L P reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 99.0% in the 3rd quarter, Holdings Channel reports. The fund owned 5,922 shares of the financial services provider’s stock after selling 604,373 shares during the period. Loomis Sayles & Co. L P’s holdings in Bank of America were worth $235,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the second quarter valued at approximately $27,000. POM Investment Strategies LLC increased its position in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares in the last quarter. Kennebec Savings Bank purchased a new stake in shares of Bank of America in the third quarter valued at approximately $29,000. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America in the second quarter valued at approximately $30,000. Finally, Christopher J. Hasenberg Inc increased its position in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

NYSE:BAC opened at $47.77 on Friday. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.98. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $366.53 billion, a P/E ratio of 17.37, a P/E/G ratio of 1.61 and a beta of 1.32. The stock’s fifty day moving average is $42.87 and its two-hundred day moving average is $40.92.

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, beating 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the business earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. Bank of America’s dividend payout ratio is currently 37.82%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. Evercore ISI boosted 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. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Oppenheimer lifted their price target on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $44.26.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction 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 sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 70,007,916 shares of company stock worth $2,829,836,123 over the last quarter. 0.29% of the stock is currently owned by company 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.