Davis Selected Advisers Trims Holdings in Bank of America Co. (NYSE:BAC)

Davis Selected Advisers decreased its holdings in Bank of America Co. (NYSE:BAC) by 5.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,949,213 shares of the financial services provider’s stock after selling 172,089 shares during the period. Bank of America comprises approximately 0.7% of Davis Selected Advisers’ holdings, making the stock its 24th largest holding. Davis Selected Advisers’ holdings in Bank of America were worth $97,678,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Legend Financial Advisors Inc. grew its position in shares of Bank of America by 6,772.7% during the 4th quarter. Legend Financial Advisors Inc. now owns 756 shares of the financial services provider’s stock worth $25,000 after buying an additional 745 shares in the last quarter. Ten Capital Wealth Advisors LLC grew its position in shares of Bank of America by 1,491.8% during the 3rd quarter. Ten Capital Wealth Advisors LLC now owns 1,162 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,089 shares in the last quarter. Mendota Financial Group LLC bought a new position in shares of Bank of America during the 4th quarter worth $36,000. McElhenny Sheffield Capital Management LLC bought a new position in shares of Bank of America during the 4th quarter worth $38,000. Finally, Marshall & Sullivan Inc. WA bought a new position in shares of Bank of America during the 4th quarter worth $38,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Bank of America Stock Performance

BAC stock traded up $0.16 during trading on Friday, hitting $28.33. 39,391,822 shares of the company traded hands, compared to its average volume of 53,866,109. The stock’s 50-day simple moving average is $28.35 and its 200 day simple moving average is $32.35. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market cap of $225.77 billion, a PE ratio of 8.47, a P/E/G ratio of 1.17 and a beta of 1.36. Bank of America Co. has a 1 year low of $26.32 and a 1 year high of $38.60.

Bank of America (NYSE:BAC – Get Rating) last announced its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.11. The company had revenue of $26.26 billion during the quarter, compared to analysts’ expectations of $25.28 billion. Bank of America had a return on equity of 11.72% and a net margin of 21.85%. Bank of America’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the business earned $0.80 earnings per share. On average, equities analysts expect that Bank of America Co. will post 3.42 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 2nd will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend is Thursday, June 1st. Bank of America’s payout ratio is currently 26.43%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent research reports. The Goldman Sachs Group dropped their price objective on Bank of America from $39.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, April 3rd. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $35.20 price objective on the stock. in a research report on Wednesday, March 8th. Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $40.00 price objective on the stock. in a research report on Tuesday, January 31st. Morgan Stanley raised their price objective on Bank of America from $31.00 to $32.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 19th. Finally, Citigroup dropped their price objective on Bank of America from $38.00 to $33.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 19th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $36.77.

Bank of America Profile

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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.