Bank of America Co. (NYSE:BAC) Holdings Decreased by Darsana Capital Partners LP

Darsana Capital Partners LP reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.7% in the third quarter, HoldingsChannel reports. The fund owned 6,000,000 shares of the financial services provider’s stock after selling 500,000 shares during the period. Bank of America accounts for 5.9% of Darsana Capital Partners LP’s portfolio, making the stock its 10th biggest holding. Darsana Capital Partners LP’s holdings in Bank of America were worth $238,080,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC increased its position in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares in the last quarter. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter valued at $29,000. Bbjs Financial Advisors LLC bought a new stake in Bank of America in the second quarter worth $30,000. Finally, Christopher J. Hasenberg Inc grew its stake in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 70,007,916 shares of company stock valued at $2,829,836,123. 0.29% of the stock is owned by corporate insiders.

Bank of America Stock Down 0.5 %

BAC opened at $47.52 on Friday. Bank of America Co. has a 1-year low of $30.04 and a 1-year high of $48.08. The firm’s 50 day simple moving average is $43.02 and its two-hundred day simple moving average is $40.98. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $364.62 billion, a PE ratio of 17.28, a PEG ratio of 1.62 and a beta of 1.32.

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, topping analysts’ consensus estimates 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period last year, the firm earned $0.90 EPS. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. Barclays raised their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Oppenheimer upped their price objective on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company lifted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $44.26.

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.