Diversified Trust Co Buys 48,209 Shares of Bank of America Co. (NYSE:BAC)

Diversified Trust Co grew its stake in Bank of America Co. (NYSE:BAC) by 29.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,281 shares of the financial services provider’s stock after acquiring an additional 48,209 shares during the period. Diversified Trust Co’s holdings in Bank of America were worth $9,242,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Longfellow Investment Management Co. LLC grew its stake in Bank of America by 0.6% in the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. grew its position in shares of Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after buying an additional 231 shares in the last quarter. Integrity Financial Corp WA increased its stake in shares of Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after buying an additional 240 shares during the period. Cahill Financial Advisors Inc. raised its holdings in shares of Bank of America by 2.1% in the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after acquiring an additional 249 shares in the last quarter. Finally, Chicago Capital LLC lifted its stake in Bank of America by 1.8% in the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock worth $552,000 after acquiring an additional 250 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

NYSE BAC traded up $0.89 during trading hours on Tuesday, reaching $46.29. The stock had a trading volume of 14,457,053 shares, compared to its average volume of 23,174,730. Bank of America Co. has a 52-week low of $31.27 and a 52-week high of $48.08. The stock has a fifty day moving average of $45.23 and a 200 day moving average of $42.04. 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 cap of $355.18 billion, a P/E ratio of 16.83, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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 net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the firm earned $0.90 EPS. The business’s revenue for the quarter was up .4% on a year-over-year basis. Sell-side analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.25%. Bank of America’s payout ratio is currently 37.82%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BAC shares. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday. Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $43.00 to $53.00 in a research report on Tuesday. Finally, Truist Financial started coverage on Bank of America in a research report on Tuesday. They set a “buy” rating and a $52.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.50.

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.