Bank of America Co. (NYSE:BAC) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. trimmed its position in Bank of America Co. (NYSE:BAC) by 93.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 58,508 shares of the financial services provider’s stock after selling 872,520 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Bank of America were worth $2,322,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Accent Capital Management LLC lifted its holdings in 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 buying an additional 11,873 shares during the last quarter. Summit Global Investments lifted its stake in Bank of America by 237.6% during 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 boosted its holdings in Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares in the last quarter. Citizens Financial Group Inc. RI increased its stake in Bank of America by 27.1% in the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares during the last quarter. Finally, SteelPeak Wealth LLC raised its holdings in Bank of America by 37.7% during the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after purchasing an additional 14,901 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BAC. Oppenheimer upped their target price on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Barclays lifted their target price on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley increased their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $40.61, for a total value of $322,390,566.39. Following the sale, the insider now directly owns 882,723,903 shares of the company’s stock, valued at approximately $35,847,417,700.83. This represents a 0.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 85,027,690 shares of company stock valued at $3,435,115,636 in the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Bank of America Trading Up 1.1 %

NYSE:BAC opened at $47.50 on Tuesday. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.74. 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 fifty day moving average price of $42.41 and a two-hundred day moving average price of $40.76. The stock has a market capitalization of $364.46 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 1.59 and a beta of 1.32.

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

Bank of America Dividend Announcement

The company also recently declared 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 dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

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.