Davis Selected Advisers Has $75.76 Million Stake in Bank of America Co. (NYSE:BAC)

Davis Selected Advisers cut its holdings in shares of Bank of America Co. (NYSE:BACFree Report) by 2.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,766,991 shares of the financial services provider’s stock after selling 60,118 shares during the period. Davis Selected Advisers’ holdings in Bank of America were worth $75,760,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. lifted its position in shares of Bank of America by 41.6% in the 3rd quarter. CarsonAllaria Wealth Management Ltd. now owns 3,403 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,000 shares during the period. RS Crum Inc. acquired a new position in shares of Bank of America in the 3rd quarter worth approximately $244,000. Sanders Capital LLC lifted its position in shares of Bank of America by 0.6% in the 3rd quarter. Sanders Capital LLC now owns 3,029,754 shares of the financial services provider’s stock worth $82,955,000 after purchasing an additional 19,080 shares during the period. Investment House LLC lifted its position in shares of Bank of America by 49.5% in the 3rd quarter. Investment House LLC now owns 221,798 shares of the financial services provider’s stock worth $6,073,000 after purchasing an additional 73,442 shares during the period. Finally, Greenleaf Trust lifted its position in shares of Bank of America by 2.7% in the 3rd quarter. Greenleaf Trust now owns 167,497 shares of the financial services provider’s stock worth $4,586,000 after purchasing an additional 4,436 shares during the period. 68.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. The Goldman Sachs Group boosted their price target on shares of Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, December 1st. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Keefe, Bruyette & Woods upgraded shares of Bank of America from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $29.00 to $30.00 in a research report on Monday, November 6th. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research report on Tuesday, January 16th. Finally, Oppenheimer boosted their target price on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $35.53.

Read Our Latest Research Report on Bank of America

Bank of America Stock Performance

Shares of BAC stock opened at $33.06 on Monday. The firm has a market capitalization of $261.63 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 1.51 and a beta of 1.39. The firm has a fifty day simple moving average of $32.95 and a two-hundred day simple moving average of $30.10. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $35.99.

Bank of America (NYSE:BACGet Free Report) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same quarter in the prior year, the business posted $0.85 EPS. The business’s revenue was down 10.2% compared to the same quarter last year. Analysts forecast that Bank of America Co. will post 3.14 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.24 dividend. The ex-dividend date is Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.90%. Bank of America’s payout ratio is 31.27%.

Insider Transactions at Bank of America

In other news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of Bank of America stock in a transaction dated Wednesday, December 27th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $57,002.88. Following the purchase, the insider now directly owns 5,398 shares in the company, valued at approximately $57,002.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.27% of the company’s stock.

Bank of America Company Profile

(Free Report)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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