Bank of America Co. (NYSE:BAC) Shares Sold by Hotchkis & Wiley Capital Management LLC

Hotchkis & Wiley Capital Management LLC lessened its position in Bank of America Co. (NYSE:BAC) by 1.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,524,706 shares of the financial services provider’s stock after selling 73,210 shares during the period. Hotchkis & Wiley Capital Management LLC’s holdings in Bank of America were worth $179,540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Hilltop Holdings Inc. raised its stake in Bank of America by 41.8% in the 3rd quarter. Hilltop Holdings Inc. now owns 49,813 shares of the financial services provider’s stock valued at $1,977,000 after acquiring an additional 14,674 shares during the period. Cinctive Capital Management LP purchased a new position in Bank of America in the third quarter worth $13,579,000. Coastwise Capital Group LLC boosted its holdings in Bank of America by 4.1% in the third quarter. Coastwise Capital Group LLC now owns 41,046 shares of the financial services provider’s stock valued at $1,629,000 after acquiring an additional 1,619 shares in the last quarter. Ascent Group LLC lifted its holdings in shares of Bank of America by 17.0% during the third quarter. Ascent Group LLC now owns 130,483 shares of the financial services provider’s stock valued at $5,178,000 after purchasing an additional 18,932 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. boosted its position in shares of Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 231 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 61,976,277 shares of company stock valued at $2,503,269,682. 0.29% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BAC shares. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Morgan Stanley boosted their price objective on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.82.

Bank of America Stock Performance

Shares of Bank of America stock opened at $47.02 on Tuesday. The company has a market cap of $360.78 billion, a PE ratio of 17.10, a price-to-earnings-growth ratio of 1.61 and a beta of 1.33. Bank of America Co. has a 52 week low of $30.33 and a 52 week high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average price of $43.02 and a 200-day moving average price of $41.02.

Bank of America (NYSE:BAC) last issued 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. Equities analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. Bank of America’s payout ratio 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.