Diversified LLC Has $770,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Diversified LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 4.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 19,411 shares of the financial services provider’s stock after selling 840 shares during the quarter. Diversified LLC’s holdings in Bank of America were worth $770,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in BAC. AMF Tjanstepension AB lifted its stake in shares of 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 valued at $370,948,000 after acquiring an additional 8,447,091 shares during the period. Swedbank AB acquired a new position in Bank of America in the first quarter valued at about $261,923,000. 1832 Asset Management L.P. lifted its stake in Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after buying an additional 5,749,567 shares during the period. International Assets Investment Management LLC lifted its stake in Bank of America by 3,550.7% in 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 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. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the sale, the insider now directly owns 812,041,811 shares of the company’s stock, valued at $31,888,881,917.97. This trade represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 85,119,690 shares of company stock valued at $3,438,777,236. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BAC. Barclays increased their target price on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Stock Performance

Shares of NYSE BAC opened at $47.54 on Monday. The stock has a 50 day moving average price of $42.24 and a 200 day moving average price of $40.69. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.54. 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 market capitalization of $364.77 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 1.59 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the firm posted $0.90 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.27 earnings per share 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. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

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.