Oliver Luxxe Assets LLC Lowers Holdings in Bank of America Co. (NYSE:BAC)

Oliver Luxxe Assets LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 1.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 108,333 shares of the financial services provider’s stock after selling 1,123 shares during the period. Oliver Luxxe Assets LLC’s holdings in Bank of America were worth $4,761,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Geode Capital Management LLC lifted its position in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares during the last quarter. Legal & General Group Plc boosted its position in shares of 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 worth $2,288,347,000 after purchasing an additional 895,884 shares during the period. Fisher Asset Management LLC increased its holdings in Bank of America by 4.0% in the 3rd 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 purchasing an additional 1,731,003 shares during the last quarter. Sanders Capital LLC lifted its stake in 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 purchasing an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. grew its stake in shares of Bank of America by 0.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after buying an additional 59,853 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated 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 owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BAC shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Oppenheimer decreased their price target on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday. Wells Fargo & Company upped their price objective 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. Finally, Barclays lifted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.07.

Bank of America Stock Performance

Shares of BAC traded up $0.57 during mid-day trading on Monday, reaching $45.38. 23,556,945 shares of the company’s stock were exchanged, compared to its average volume of 23,541,910. The business’s fifty day simple moving average is $45.17 and its 200-day simple moving average is $42.01. Bank of America Co. has a 52-week low of $31.27 and a 52-week high of $48.08. The stock has a market capitalization of $348.20 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 earnings per share. On average, 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 company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a $0.26 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.29%. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America Company 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.