Bank Pictet & Cie Europe AG reduced its Bank of America (NYSE:BAC) holdings by 3.9% in the third quarter, selling 17,558 shares and keeping 428,350 shares worth $23,315,000, according to its latest SEC filing. Other large investors also changed positions, with Legal & General Group Plc, Deutsche Bank AG and Bank of New York Mellon Corp taking new stakes in the second quarter. Hedge funds and institutional investors own 70.71% of the stock, and MarketBeat data show a “Moderate Buy” consensus rating with an average target price of $62.52. Shares rose $0.49 to $50.88 in mid-day trading on Tuesday, while the latest quarterly EPS of $1.08 missed the $1.10 estimate.
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