Adams Diversified Equity Fund Inc. Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Adams Diversified Equity Fund Inc. trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 32.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 750,768 shares of the financial services provider’s stock after selling 354,600 shares during the period. Bank of America makes up 1.1% of Adams Diversified Equity Fund Inc.’s investment portfolio, making the stock its 16th largest holding. Adams Diversified Equity Fund Inc.’s holdings in Bank of America were worth $29,790,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Delos Wealth Advisors LLC increased its holdings in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new stake in Bank of America during the second quarter valued at approximately $27,000. POM Investment Strategies LLC boosted its position in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the second quarter worth approximately $30,000. Finally, Clearstead Trust LLC boosted its position in shares of Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 834 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Oppenheimer upped their price target on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Jefferies Financial Group upped their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Cfra reiterated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Finally, Morgan Stanley upped their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.69.

Insider Activity

In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,078,718 shares of company stock valued at $4,548,920,425. 0.29% of the stock is currently owned by company insiders.

Bank of America Price Performance

BAC stock opened at $42.53 on Wednesday. Bank of America Co. has a 52 week low of $25.28 and a 52 week high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a fifty day simple moving average of $40.37 and a two-hundred day simple moving average of $39.71. The firm has a market capitalization of $330.01 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 1.42 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the business earned $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced 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. This represents a $1.04 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America declared that its Board of Directors has approved a share buyback program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

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.