Bank of America Co. (NYSE:BAC) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. reduced its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 14.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 131,297 shares of the financial services provider's stock after selling 21,648 shares during the period. Advisors Asset Management Inc.'s holdings in Bank of America were worth $5,210,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Hilton Capital Management LLC acquired a new stake in shares of Bank of America during the third quarter worth $3,984,000. NS Partners Ltd raised its holdings in shares of Bank of America by 2.0% during the third quarter. NS Partners Ltd now owns 481,786 shares of the financial services provider's stock worth $19,117,000 after purchasing an additional 9,263 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Bank of America by 17.1% during the third quarter. Jennison Associates LLC now owns 8,602,629 shares of the financial services provider's stock worth $341,352,000 after purchasing an additional 1,254,902 shares during the last quarter. MWA Asset Management raised its holdings in shares of Bank of America by 1.1% during the third quarter. MWA Asset Management now owns 44,058 shares of the financial services provider's stock worth $1,748,000 after purchasing an additional 469 shares during the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new position in shares of Bank of America during the third quarter worth $2,024,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, insider Bernard A. Mensah sold 92,000 shares of the company's stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company's stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,094,698 shares of company stock valued at $3,876,350,805. Insiders own 0.29% of the company's stock.

Bank of America Price Performance

Shares of BAC opened at $46.55 on Friday. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.05. The firm's 50 day moving average price is $42.07 and its 200 day moving average price is $40.59. The company has a market cap of $357.13 billion, a P/E ratio of 16.93, a PEG ratio of 1.57 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC - Get Free Report) last announced 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the firm earned $0.90 EPS. The firm's revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders 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 2.23%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America's dividend payout ratio is presently 37.82%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $48.00 and gave the company an "overweight" rating in a report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. Oppenheimer boosted their target price on shares of Bank of America from $50.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 5th. Finally, Citigroup raised shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $46.00 to $54.00 in a research note 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $44.26.

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.