Dorsey & Whitney Trust CO LLC Sells 9,204 Shares of Bank of America Co. (NYSE:BAC)

Dorsey & Whitney Trust CO LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 10.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 83,286 shares of the financial services provider’s stock after selling 9,204 shares during the period. Dorsey & Whitney Trust CO LLC’s holdings in Bank of America were worth $3,158,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in BAC. Norges Bank bought a new position in shares of Bank of America during the fourth quarter valued at about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after purchasing an additional 29,198,846 shares in the last quarter. Alphinity Investment Management Pty Ltd increased its stake in shares of Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of Bank of America by 17.1% in the fourth quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock worth $1,267,820,000 after purchasing an additional 5,488,790 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have sold 24,984,363 shares of company stock valued at $1,089,448,152. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BAC shares. BMO Capital Markets boosted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday. Royal Bank of Canada boosted their price objective on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday. Jefferies Financial Group boosted their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Morgan Stanley boosted their price objective on shares of Bank of America from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Evercore ISI boosted their price target on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $41.92.

Bank of America Stock Down 0.3 %

Bank of America stock traded down $0.11 during trading hours on Friday, hitting $42.90. 42,721,327 shares of the stock traded hands, compared to its average volume of 38,826,391. The firm’s 50-day moving average price is $40.12 and its two-hundred day moving average price is $36.94. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.09. The company has a market cap of $335.49 billion, a PE ratio of 14.84, a PEG ratio of 1.67 and a beta of 1.35. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 EPS. On average, research analysts forecast that Bank of America Co. will post 3.24 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.24%. Bank of America’s payout ratio is 33.22%.

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.