Bank of America Co. (NYSE:BAC) Shares Sold by Wealth Dimensions Group Ltd.

Wealth Dimensions Group Ltd. trimmed its position in Bank of America Co. (NYSE:BAC) by 4.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,263 shares of the financial services provider’s stock after selling 279 shares during the quarter. Wealth Dimensions Group Ltd.’s holdings in Bank of America were worth $249,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in BAC. AMF Tjanstepension AB grew its position in Bank of America by 959.6% in 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 purchased a new position in shares of Bank of America during the 1st quarter worth $261,923,000. 1832 Asset Management L.P. increased its position in shares of Bank of America by 1,432.1% during 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 during the last quarter. International Assets Investment Management LLC raised its holdings in Bank of America by 3,550.7% in the 3rd 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 buying an additional 4,423,215 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Bank of America in the second quarter valued at about $127,252,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.2 %

Bank of America stock opened at $47.00 on Friday. The stock’s fifty day moving average is $42.24 and its two-hundred day moving average is $40.67. The stock has a market cap of $360.63 billion, a PE ratio of 17.09, a P/E/G ratio of 1.57 and a beta of 1.32. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.22. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 earnings per share. On average, sell-side analysts expect that Bank of America Co. will post 3.27 EPS 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 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BAC shares. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods boosted their target price 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. Barclays raised their price target 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. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, eight have issued 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, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the transaction, the insider now owns 910,731,659 shares in the company, valued at $36,310,871,244.33. This trade represents a 1.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,094,698 shares of company stock worth $3,876,350,805 in the last ninety days. 0.29% of the stock is owned by corporate insiders.

Bank of America 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.