B. Riley Wealth Advisors Inc. Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

B. Riley Wealth Advisors Inc. reduced its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 11.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 201,523 shares of the financial services provider's stock after selling 26,645 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Bank of America were worth $7,961,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BAC. Two Sigma Advisers LP lifted its holdings in shares of Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider's stock valued at $405,049,000 after buying an additional 10,175,100 shares during the period. 1832 Asset Management L.P. raised its position in Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider's stock valued at $244,627,000 after acquiring an additional 5,749,567 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider's stock valued at $301,898,000 after acquiring an additional 5,015,378 shares during the period. International Assets Investment Management LLC boosted its position in Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider's stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $174,858,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.41 during midday trading on Friday, hitting $45.67. The company had a trading volume of 32,902,264 shares, compared to its average volume of 38,222,914. The business's 50-day simple moving average is $44.39 and its 200-day simple moving average is $41.49. The stock has a market cap of $350.42 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 1.56 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 Co. has a twelve month low of $31.27 and a twelve month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. The company's quarterly revenue was up .4% compared to the same quarter last year. On average, research analysts predict 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 declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.28%. Bank of America's dividend payout ratio (DPR) is 37.82%.

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. Morgan Stanley downgraded shares of Bank of America from an "overweight" rating to an "equal weight" rating and increased their price target for the stock from $48.00 to $55.00 in a report on Monday, December 9th. Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. Royal Bank of Canada restated an "outperform" rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Barclays increased their price target on Bank of America from $49.00 to $53.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a "hold" rating to a "buy" rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $45.92.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now directly owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This represents a 1.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 55,223,897 shares of company stock worth $2,232,505,985 in the last 90 days. Insiders own 0.29% of the company's stock.

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.