Bank of America Co. (NYSE:BAC) Shares Sold by Unison Asset Management LLC

Unison Asset Management LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 0.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 166,718 shares of the financial services provider’s stock after selling 257 shares during the quarter. Bank of America accounts for 3.1% of Unison Asset Management LLC’s portfolio, making the stock its 14th largest position. Unison Asset Management LLC’s holdings in Bank of America were worth $6,615,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Truvestments Capital LLC acquired a new position in shares of Bank of America in the 3rd quarter worth $73,000. Bedell Frazier Investment Counselling LLC grew its holdings in shares of Bank of America by 0.5% during the third quarter. Bedell Frazier Investment Counselling LLC now owns 120,319 shares of the financial services provider’s stock valued at $4,774,000 after buying an additional 588 shares in the last quarter. Independent Advisor Alliance grew its holdings in shares of Bank of America by 5.2% during the third quarter. Independent Advisor Alliance now owns 221,058 shares of the financial services provider’s stock valued at $8,772,000 after buying an additional 10,971 shares in the last quarter. Harvest Fund Management Co. Ltd grew its holdings in shares of Bank of America by 48.4% during the third quarter. Harvest Fund Management Co. Ltd now owns 14,821 shares of the financial services provider’s stock valued at $588,000 after buying an additional 4,837 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Bank of America during the third quarter valued at $2,723,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 85,119,690 shares of company stock valued at $3,438,777,236. 0.29% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Oppenheimer upped their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Morgan Stanley upped their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI upped their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Stock Up 1.1 %

NYSE:BAC opened at $47.54 on Monday. Bank of America Co. has a 12-month low of $29.32 and a 12-month high of $47.54. 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 firm has a market capitalization of $364.77 billion, a P/E ratio of 17.09, a P/E/G ratio of 1.59 and a beta of 1.32. The stock’s fifty day simple moving average is $42.24 and its 200-day simple moving average is $40.69.

Bank of America (NYSE:BAC) last posted 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend 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.