Bank of America Co. (NYSE:BAC) Shares Sold by Berkshire Hathaway Inc

Berkshire Hathaway Inc lessened its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 14.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 680,233,587 shares of the financial services provider's stock after selling 117,449,720 shares during the period. Bank of America makes up about 11.2% of Berkshire Hathaway Inc's investment portfolio, making the stock its 3rd largest holding. Berkshire Hathaway Inc owned 8.87% of Bank of America worth $29,896,266,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of BAC. Norges Bank purchased a new position in shares of Bank of America during the fourth quarter valued at about $5,226,989,000. Capital World Investors lifted its position in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Amundi boosted its stake in shares of Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. Finally, Northern Trust Corp increased its position in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 2.8 %

BAC traded up $1.15 during mid-day trading on Thursday, hitting $42.08. 17,735,075 shares of the stock were exchanged, compared to its average volume of 39,181,344. The company has a market cap of $316.94 billion, a PE ratio of 13.07, a PEG ratio of 1.21 and a beta of 1.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm's fifty day moving average is $39.78 and its two-hundred day moving average is $43.48. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.47%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the topic of several research reports. Barclays cut their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Oppenheimer raised their price objective on Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and upped their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. Truist Financial decreased their price objective on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $47.25.

Bank of America Company 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.