HighVista Strategies LLC Buys Shares of 32,600 Bank of America Corporation $BAC

HighVista Strategies LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 32,600 shares of the financial services provider’s stock, valued at approximately $1,543,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sirios Capital Management L P raised its stake in shares of Bank of America by 32.0% in the second quarter. Sirios Capital Management L P now owns 76,346 shares of the financial services provider’s stock worth $3,613,000 after buying an additional 18,503 shares during the period. Stamos Capital Partners L.P. grew its stake in shares of Bank of America by 46.8% during the 2nd quarter. Stamos Capital Partners L.P. now owns 158,815 shares of the financial services provider’s stock valued at $7,515,000 after acquiring an additional 50,662 shares during the period. Investment Management Corp of Ontario raised its stake in Bank of America by 37.6% during the 2nd quarter. Investment Management Corp of Ontario now owns 388,901 shares of the financial services provider’s stock worth $18,403,000 after acquiring an additional 106,325 shares during the period. Tripletail Wealth Management LLC purchased a new position in Bank of America during the second quarter valued at approximately $208,000. Finally, Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna bought a new position in shares of Bank of America in the second quarter worth approximately $1,134,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Wolfe Research upped their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Seaport Global Securities increased their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Dbs Bank raised Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. JPMorgan Chase & Co. upped their price target on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Finally, TD Cowen lifted their price objective on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.77.

Bank of America Trading Up 1.0%

Shares of BAC opened at $54.07 on Thursday. The stock has a market capitalization of $394.83 billion, a PE ratio of 14.73 and a beta of 1.30. The company’s fifty day moving average is $52.21 and its 200 day moving average is $49.33. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $54.83.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s revenue was up 10.8% on a year-over-year basis. During the same period last year, the company posted $0.81 EPS. Sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s payout ratio is 30.52%.

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.