Bank of America Co. (NYSE:BAC) Stake Reduced by Frisch Financial Group Inc.

Frisch Financial Group Inc. trimmed its stake in Bank of America Co. (NYSE:BAC) by 4.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 15,154 shares of the financial services provider’s stock after selling 729 shares during the quarter. Frisch Financial Group Inc.’s holdings in Bank of America were worth $601,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Legal & General Group Plc boosted its stake in Bank of America by 1.6% during the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after purchasing an additional 895,884 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after buying an additional 1,731,003 shares during the last quarter. Sanders Capital LLC boosted its position in shares of Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after buying an additional 601,211 shares during the period. Diamond Hill Capital Management Inc. grew its holdings in Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after buying an additional 59,853 shares in the last quarter. Finally, Clearbridge Investments LLC grew its holdings in Bank of America by 23.6% in the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after buying an additional 3,109,197 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Oppenheimer upped their price objective on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $48.00 to $55.00 in a research note on Monday. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.92.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total transaction of $156,981,325.24. Following the completion of the sale, the insider now directly owns 854,214,328 shares in the company, valued at approximately $33,809,803,102.24. This trade represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 55,223,897 shares of company stock valued at $2,232,505,985 over the last quarter. Company insiders own 0.29% of the company’s stock.

Bank of America Trading Down 1.8 %

Shares of BAC opened at $45.93 on Tuesday. The business’s 50-day moving average price is $43.87 and its 200 day moving average price is $41.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $352.42 billion, a P/E ratio of 16.70, a P/E/G ratio of 1.58 and a beta of 1.33. Bank of America Co. has a 1-year low of $30.45 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last released 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 business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. Analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.26%. Bank of America’s payout ratio is currently 37.82%.

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.